Four vital financial tasks to complete before Sep 30; Know here

As the month-end approaches, there are several financial deadlines coming up on September 30.

To ensure you meet these deadlines and avoid any penalties, it is crucial to complete your important financial tasks before the end of the month.

Director KYC Forms

If you serve as a director in any companies or LLPs and possess a Director Identification Number (DIN), you must adhere to Rule 12A.

Individuals with a DIN as of March 31st are required to submit Form DIR-3 KYC by September 30th of the immediate next financial year.

Failing to do so will result in a penalty fee of Rs 5,000, and your DIN will become inactive, restricting your ability to conduct any business activities.

20% TCS

Starting from October 1, 2023, a new rule will come into effect. The government will impose a 20% Tax Collected at Source (TCS) on all transactions above Rs 7 lakh conducted abroad.

To avoid the higher tax rate, make sure to complete any international money transfers before September 30th, as the new rule will be applicable from October 1, with a 5% tax rate.

Tax Audit

The Central Board of Direct Taxes (CBDT) has set the tax audit due date for the assessment year (AY) 2023-24 as September 30th.

Failure to meet this deadline may result in a penalty of Rs 1.5 lakh. It is essential to mark this date and consult with your Chartered Accountant to determine whether your tax is auditable or not.

Rs 2,000 Notes Exchange

Lastly, September 30, 2023, is the final day to exchange any remaining Rs 2,000 notes.

As you have to check your pockets, pouches, and any hidden stashes to ensure you do not miss this deadline for currency exchange.

Act promptly to meet these deadlines and avoid unnecessary penalties or inconveniences.