As the month draws to a close, there are several impending financial deadlines on September 30th.
It is paramount to complete your essential financial tasks before the month’s end to ensure compliance and avert potential penalties.
Director KYC Forms:
If you hold a directorship in any companies or LLPs and possess a Director Identification Number (DIN), strict adherence to Rule 12A is mandatory. Individuals with a DIN as of March 31st must submit Form DIR-3 KYC by September 30th of the following financial year. Failure to comply will result in a penalty of Rs 5,000, and your DIN will become inactive, restricting your ability to engage in business activities.
Commencing on October 1, 2023, a new regulation will come into effect. The government will impose a 20% Tax Collected at Source (TCS) on all transactions exceeding Rs 7 lakh conducted abroad. To avoid the higher tax rate, it is crucial to complete any international money transfers before September 30th, as the new rule will be enforced from October 1st, with a 5% tax rate.
The Central Board of Direct Taxes (CBDT) has established September 30th as the due date for tax audits in the assessment year (AY) 2023-24. Failure to meet this deadline may result in a penalty of Rs 1.5 lakh. It is imperative to mark this date and seek counsel from your Chartered Accountant to determine whether your tax is subject to audit.
Rs 2,000 Notes Exchange:
Finally, September 30, 2023, signifies the last opportunity to exchange any remaining Rs 2,000 notes. Be thorough in searching your pockets, pouches, and hidden reserves to ensure you do not miss this currency exchange deadline.
Take immediate action to meet these deadlines and avoid unnecessary penalties or inconveniences.