DIR 3 KYC

Ministry of Corporate Affairs (MCA) had notified the introduction of the new form i.e. DIR-3 KYC where every director holding Director Identification Number [DIN] has to update their personal details on an annual basis.

The purpose behind filing the DIR-3 KYC form is to conduct an annual KYC of the Directors of all the companies and LLP. This will update the ministry of company affairs database of all directors holding DIN. Earlier introduced as a one-time form, The MCA has now made this e-form mandatory to be filed on 30th April every financial year.

Who Should File Form DIR 3 KYC?

All the Directors and Partners of an LLP who have been allotted the Director Identification Number [DIN] require to file DIN-KYC on an annual basis. In order to reactivate DIN, such director shall have to pay a late fee of INR 5,000/-for DIN reactivation.

However, due to the outbreak of the Coronavirus pandemic, the directors who were deactivated due to the non-filing of the DIR-3KYC form can now fill this form without any late fee.

What is the due date for documenting ROC Form DIR 3 KYC?

Each person who is designated DIN as on 31st March of a money related year must present his KYC before 30th April of the promptly next budgetary year.

Prerequisite of documenting DIR 3 KYC:

For the Financial year 2019-20 onwards – Every Director who has been assigned DIN at the latest the finish of the monetary year, and whose DIN status is ‘Endorsed’, would be obligatorily needed to record structure DIR-3 KYC before 30th April of the quickly next budgetary year.

Henceforth, the due date of recording Form DIR 3 KYC is 30th April 2020.

How to file DIR-3 KYC form?

As per the MCA guidelines, the DIR-3 KYC form is segmented into 2 categories:

CATEGORY 1: Filing their DIN-KYC for the first time Or In case the director has already filed the DIN-KYC but now wants to update DIN details.

CATEGORY 2: DIN-KYC is already filed last year AND no update required in DIN details.

What occurs if DIR 3 KYC isn’t documented?

In situations where a chief who should document the DIR 3 KYC e-Form or DIR 3 KYC web, doesn’t record it inside the due date on MCA 21 entry, the office will stamp the DIN of such chief as ‘Deactivated because of Non-recording of DIR-3 KYC’. what’s more, will need to take care of the punishment of INR 5,000/10,000 whenever recorded after the due date.

A most recent update in the recording of DIR 3 KYC E-Form/Web:

As of late, MCA has presented the Companies Fresh Start Scheme, 2020. where if the DIN holders who have neglected to record E-Form DIR 3 KYC or DIR 3 KYC web in any of the earlier year, and whose status shows as “Deactivated”, may document their DIR-3KYC/DIR-3KYC-Web/ACTIVE as the case might be between first April 2020 to 30th September 2020 with no recording charge of INR 5000/INR 10000 separately.

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