DIR-3 KYC Due Date 2020: Comprehensive Guide for Companies

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DIR-3 KYC Due Date 2020: Comprehensive Guide for Companies

Introduction

The Director Identification Number (DIN) is a unique identification number assigned to every director of a company registered in India. The DIN is mandatory for all directors appointed on or after April 1, 2014. Existing directors were required to obtain a DIN by March 31, 2018.

The DIR-3 KYC is an annual filing that all directors are required to file with the Ministry of Corporate Affairs (MCA). The DIR-3 KYC filing includes personal information, contact details, and details of the directorship held by the director. The DIR-3 KYC filing is mandatory for all directors who have obtained a DIN.

The DIR-3 KYC due date for the financial year 2019-20 is March 31, 2020.

Importance of DIR-3 KYC Filing

The DIR-3 KYC filing is important for several reasons:

It helps the MCA maintain a database of all directors of companies in India.
It helps the MCA identify and track disqualified directors.
It helps the MCA enforce the provisions of the Companies Act, 2013.

Consequences of Non-Compliance

Failure to file the DIR-3 KYC by the due date can lead to several consequences, including:

Penalty of up to Rs. 50,000
Disqualification from being a director
Suspension of DIN

How to File DIR-3 KYC

The DIR-3 KYC can be filed online through the MCA portal. The following steps are involved in filing the DIR-3 KYC:

Login to the MCA portal using your DIN and password.
Click on the "e-Services" tab.
Select "DIN Services" from the drop-down menu.
Click on "DIR-3 KYC Filing".
Fill out the required information and upload the necessary documents.
Submit the form and pay the filing fee.

Documents Required for DIR-3 KYC Filing

The following documents are required for DIR-3 KYC filing:

Proof of identity (PAN card, Aadhaar card, passport, etc.)
Proof of address (electricity bill, telephone bill, bank statement, etc.)
Photograph
Signature

Stories about DIR-3 KYC

Story 1

A company director named Mr. Sharma had been meaning to file his DIR-3 KYC for months, but he kept putting it off. On the day before the due date, he finally sat down to file his KYC, but he realized that he had lost his PAN card. He panicked and called the MCA helpline, but they told him that he could not file his KYC without his PAN card. Mr. Sharma was devastated. He knew that failure to file his KYC by the due date would result in a penalty and possibly even disqualification from being a director.

In the end, Mr. Sharma was able to find his PAN card and file his KYC on time. He learned a valuable lesson that day: never procrastinate when it comes to important filings.

Story 2

Another company director named Mrs. Patel was also late in filing her DIR-3 KYC. However, Mrs. Patel was more fortunate than Mr. Sharma. She was able to file her KYC online just hours before the due date. However, she made a mistake in her filing and submitted an incorrect address.

The MCA rejected Mrs. Patel's DIR-3 KYC filing due to the incorrect address. She was given 30 days to correct her filing. Mrs. Patel was relieved that she had not been penalized, but she was also annoyed that she had to file her KYC again.

Mrs. Patel learned a valuable lesson that day: always double-check your filings before submitting them.

Story 3

A third company director named Mr. Gupta was on time in filing his DIR-3 KYC. However, he made a mistake in his filing and submitted an incorrect date of birth.

The MCA accepted Mr. Gupta's DIR-3 KYC filing, but they sent him a notice asking him to correct the incorrect date of birth. Mr. Gupta was able to correct his filing by submitting a revised DIR-3 KYC.

Mr. Gupta learned a valuable lesson that day: always double-check your filings before submitting them, even if you are filing on time.

Lessons Learned

The three stories above illustrate some of the common mistakes that people make when filing their DIR-3 KYC. By learning from these mistakes, you can ensure that you file your DIR-3 KYC correctly and on time.

Benefits of Filing DIR-3 KYC

There are several benefits to filing your DIR-3 KYC, including:

Avoid penalties and disqualification
Maintain a good reputation with the MCA
Improve your chances of obtaining financing
Facilitate business transactions

Conclusion

The DIR-3 KYC filing is an important compliance requirement for all company directors in India. By filing your DIR-3 KYC on time and correctly, you can avoid penalties and disqualification, maintain a good reputation with the MCA, improve your chances of obtaining financing, and facilitate business transactions.