The ROC requires each Director or their chosen partners to file a Know Your Customer (KYC) form each year. In other words any individual who has been issued a DIN Number before to 31st March 2022 are needed to provide KYC documents/Updated Email and Mobile to the ROC. You need to update your DIN-KYC Annually and before the due date. Otherwise, you will be liable to pay the hefty penalty. Let’s understand the latest update about the Due Date for DIN-KYC for FY 2021-22 Extended.
What is DIN-KYC?
All individuals holding a Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA) are now required to undergo an annual KYC (Know Your Customer) process. The MCA System requires all DIN holders to maintain an up-to-date mobile number and email address as part of an annual KYC process.
Those who have a DIN are required to submit an annual E-Form DIR-3 KYC to the MCA as part of the Know Your Customer (KYC) procedure, regardless of whether or not they are directors of a company or are disqualified from holding a DIN under the MCA.
Due Date for Filing DIN-3 KYC
Any individual who possessed a DIN as of March 31 of a calendar year must submit their KYC by September 30 of that year.
Maintaining a valid DIN requires yearly filing of DIR-3 KYC, even if the DIN bearer is not a company director. Apart from that, DIR-3 KYC would be required even for disqualified directors.
Latest Updates regarding Due Date for DIN-KYC for FY 2021-22 Extended
As per the Circular from MCA, the due date for DIN-KYC E-filing or submission of e-form DIR-3-KYC and web-form DIR-3-KYC-WEB is now extended from September 30th, 2022 to October 15th, 2022. Besides, the extension also provides relief as you will not have to pay the fees.
The notification states that. It has been brought to the attention of the Ministry that the deadline for filing the electronic version of the DIR-3-KYC and the web-based version of the DIR-3-KYC-WEB without payment of a fee has been requested to be extended beyond 30 September 2022.
After reviewing the situation, the Ministry has decided to waive the filing fees for e-form DIR-3-KYC and web-form DIR-3-KYC-WEB until October 15, 2022.
The process of Director KYC Filing for the First-Time
When submitting a first-time DIN KYC, the director must submit a completed MCA-prescribed eform DIR-3 (KYC). The proof of address document must be submitted alongside the electronic form. The application director digitally signs the DIR-3 (KYC) form, and then a CA, CS, or CMA in active practice attests to the director’s identity.
What are the consequences of delayed or non-filing of DIR-KYC?
In case you don’t file the DIR-KYC, the government will deactivate the Director Identification Number (DIN) and mark it as‘Deactivated Due to non-filing of DIR-3 KYC’. In addition, it will remain deactivated unless you file the forms of DIR-KYC with the hefty penalty fee which is Rs. 5000/-.
Conclusion
In conclusion, it is good news that the due date for DIN-KYC for FY 2021-22 extended up to 15th October 2022. Every DIN holder who has missed filing DIN-KYC forms must utilize this opportunity before it gets too late and you become liable to bear the unfavorable consequences. Therefore, you can hire us for DIR-3 KYC Filing or also get the assistance of our CA, CS, CMA , lawyers to understand the complete process. You can also consult our team of experts at: 8881-069-069 to understand the document requirement to file DIN-KYC or solve all your queries.
If you want any other guidance relating to the company annual compliance, please feel free to talk to our business advisors at 8881-069-069.
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