As we approach the end of the month, September 30 looms with several financial deadlines that demand your attention. To prevent penalties and keep your financial affairs in order, it’s imperative to complete these essential tasks before the month’s end.
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Director KYC Forms
If you hold the position of a director in any companies or Limited Liability Partnerships (LLPs) and possess a Director Identification Number (DIN), it’s vital to adhere to Rule 12A.
Those individuals with a DIN as of March 31st are obligated to submit Form DIR-3 KYC by September 30th of the immediate following financial year. Neglecting this requirement could lead to a penalty fee of Rs 5,000, and your DIN will become inactive, significantly limiting your ability to engage in any business activities.
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20% Tax Collected at Source (TCS)
Commencing on October 1, 2023, a new regulation will be enforced. The government will levy a 20% Tax Collected at Source (TCS) on all transactions exceeding Rs 7 lakh conducted internationally.
To avoid the higher tax rate, ensure you complete any international money transfers before September 30th, as the new regulation becomes effective on October 1, with a 5% tax rate initially.
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Tax Audit
The Central Board of Direct Taxes (CBDT) has designated September 30th as the due date for tax audits concerning the assessment year (AY) 2023-24.
Failure to meet this deadline could lead to a penalty of Rs 1.5 lakh. It is crucial to take note of this date and consult your Chartered Accountant to ascertain whether your tax is subject to an audit or not.
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Rs 2,000 Notes Exchange Last Date
Lastly, September 30, 2023, marks the final day for the exchange of any remaining Rs 2,000 notes.
It’s time to check your pockets, pouches, and any concealed stashes to ensure you don’t overlook this currency exchange deadline.
Take prompt action to address these deadlines, safeguard yourself against unnecessary penalties, and avoid any financial inconveniences down the road.
