As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new e-form viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC.

Silent feature of the scheme is as follows,

Purchase of property in India from Non-Resident Indians (NRI) is a bit tricky when compared to buying it from Resident Indians.

TDS at the time of buying the property – You may be aware about Tax Deduction at Source (TDS) to be done at the rate of 20.6% in case the sale price is less than Rs.1 Crore or 22.66% in case the sale price is over Rs.1 Crore.

Non Deduction of Tax – You or your consultant have no power to reduce TDS percentage. Only Income Tax Officer (ITO) is authorized to reduce TDS percentage. For this one has to apply (buyer or seller) to ITO and get the certificate. You can read How to obtain TDS exemption certificate from Income Tax officer to know more about it.

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