6 Jun 2019

DPT 3

by | posted in: Companies Act, Compliance | 0

DPT 3

MCA notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2019. With this, it asks for new and detailed reporting of deposits. That too in form DPT 3. The form was to be released in January itself. However, MCA released it in May 2019. Earlier, the reporting date was set as 22nd January for the initial return. Now, we have to share the details as on 31st March 2019 instead of 22nd January. Further, Companies have to file the form within 90 days of 31-03-2019. So this means the companies have time to file the said Form till 29-06-2019. The earlier due date was 30-05-2019.

Need help in

Return of Deposits or any MCA related matter

Contact us Now
  • Completely online
  • No Visit required
  • Full Support
  • Dedicated CAs

What is Form DPT-3

DPT 3 is a form to file details of deposits. Or rather details of transactions not considered as deposits. The relevant details are under rule 2(1)(c) of the Companies (Acceptance of Deposit) Rules, 2014. Further details with respect to deposits are available in section 73 of the act.

Who needs to file Form DPT-3

Every company needs to file the form. However, exemption is given to government companies, banking companies and NBFC. Accordingly, if you fall under any of the following categories then you have to file Form DPT-3

  • Private Limited Company

  • Public Limited Company

  • One Person Company (OPC)

  • Section 8 Company

  • Small Company

What is the due date to file the Form DPT-3

One has to file the form within 90 days of 31-03-2019. So, companies can file it till 29-06-2019. However, this is just for the one time return. The due date for filing for the yearly return is 30-06-2019.

Reporting in DPT 3; Are these new requirements?

Filing similar returns were also present earlier. But they were for sharing the details of the deposits or items in nature of deposits. Now, the new returns cover all outstanding receipts. This includes loans, advances and any other receipt of funds. The changes introduced were by the Companies (Acceptance of Deposits) Amendment Rules, 2019

What is the Purpose of Form DPT 3? Why file DPT 3?

One should file form DPT 3 for the following –

  1. Onetime Return for disclosure of details of outstanding money or loan received by a company but not considered as deposits.
  2. Return of Deposit
  3. Particulars of transactions by a company not considered as a deposit
  4. Return of Deposit and Particulars of transactions by a company not considered as a deposit

 

What is the difference between the One time Return and the Annual DPT 3 Return.

  • In the One time Return we should fill the details of the amount received after 01/04/2014. And which is till outstanding as on 31/03/2019. Also, the form requires only the amount outstanding. There is certainly no requirement for additional details. It is more like a summary. Further, there are no requirements to bifurcate details of Deposits and exempted deposits. The due date for filing one time return 29th June, 2019.
  • In contrast, the annual return requires details of all outstanding amounts. That is, date of receipt of funds is not relevant. As long as the amount is outstanding as on 31/03/2019, report the details. The annual return in particular requires a number of additional details. Unlike the one time return, it is not a summary. It is mandatory to bifurcate details of deposits and exempted deposits. The due date for filing annual return 30th June, 2019

DPT 3 FAQs

  • Does Form DPT 3 apply to all companies? Is it exempt for some companies?

    MCA exempts specifically Government Companies and NBFC Companies from filing the form . Furthermore, a chit fund and similar financial institutions are not exempt.

  • Is it mandatory to file DPT 3? Are NIL returns mandatory?

    Filing NIL return not mandatory. This is as per the latest webinar held by MCA.

  • Is audit of the period compulsory for filing DPT 3?

  • Audit of Financials of the relevant period is not compulsory for filing Form DPT-3

  • Is the auditor’s certificate mandatory?

    No its not mandatory at the moment. However, our view is to attach it with the forms. As we’ve been hearing, forms without certificates are indeed getting rejected. We recommend to attach it even incase of a nil return.

  • How to fill the object clause?

    Object clause in the form comes from the last filed AOC 4. There is a possibility of the current object clause being different. That is, incase filing of MGT 14 is in between the annual return and DPT 3. Right now there is no solution for this. We recommend contacting MCA.

  • From where to download the form?

    The forms can be dowloaded from here.

What will be the Penalties and Consequences in case of non-compliance?

  • Not filing of Form DPT-3
    Pay a penalty of Rs 5,000 and Rs 500 per day for Not filing of Form DPT 3 before due date.

  • Accepting Deposits
    A private limited company in fact cannot accept deposits from the public. It specifically cannot invite the public to deposit money in the company. Section 73 of the companies act covers these points in detail. Consequences due to non compliance with these rules are quite strict. In addition to repayment of the deposits with interest. The company may be charged with fine of Rs 1 Crore or twice the amount of deposits (whichever is lower) but the same may extend to Rs 10 Crore. Moreover, every officer who is in default shall be chargeable with fine of Rs 25,000 to Rs 2 Crore and imprisonment up to 7 years. In addition to this, for wilful defaults, punishment as per Section 447 is applicable.

 

Accordingly, incase you have any doubts, certainly contact us from here.

We can be easily reached at communications@goforfiling.com incase you have any questions about the article.

Need help with any registration services, filing or any other compliances or services, we can be reached at the above email.

Contact Us