DPT 3 FAQs

What is DPT-3

DPT 3 is a form released by MCA. It specifically requires details of deposits and details of amounts not considered as deposits. Here, amounts not considered as deposits will be called as exempt deposits. So we carefully review liabilities outstanding as on 31st March 2019. And report them as deposits or exempt deposits before 30th June 2019. 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

Surely 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

To begin with 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.

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 amounts specifically 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. With this purpose in mind, 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. Its specifically required 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?

  We attach the Auditor’s Certificate only if we file return of deposits. That is, we either select radio buttons 2 & 4. If we file DPT-3 only as one time return, we dont need an auditor certificate. Similarly, we dont need the auditors certificate for exempted deposits annual return.

• What is the format of the Auditors Certificate?

  Download the format of Auditor’s Certificate from here.

• How to fill the object clause?

  Object clause in the form comes from the last filed AOC 4. So there is also 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 issue. We recommend contacting MCA.

• How to calculate networth?

  We consider and calculate Net Worth the per the latest audited financials. We consider FY18-19 financials, if audited. If not audited then we’ll consider audited financials of FY 17-18. And for the newly incorporated company we consider Net worth as per current balancesheet whether audited or not. Further, we calculate Net Worth as per Companies (Acceptance of Deposits) Rules, 2014. And not as per Companies Act definition. So there are chances of difference between Net Worth in AOC-4 and in DPT 3. So its advisable to attach a clarification on that.

• What are deposits and exempted deposits

  • Exempt : Inter-corporate Deposits. So the rules exempt Deposits from other companies. However Loan from LLP is not Exempted one it is Deposit. Similarly, no exemption for amounts received from HUF. As HUF is not a body corporate. We categorise them as deposits.

  • Exempt : Loan from Directors. Provided its from his owned Fund and not borrowed. Similarly, the rules exempt deposits from relative of Directors.

  • Exempt : Any Trade Advances received and with us for less than 365 days. Such advances from debtors or trade advances are exempt. However, no exemption for Trade advances for more than 365 days. Accordingly we categorise them as deposits.

  • Exempt : Share Application Money due for less than 60 days. However, no exemption for share application money lying with us for more than 60 days.

• From where to download DPT 3 form?

  The download the forms 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.

• What are the attachments added to the form?

  • Auditor’s certificate – specifically required if purpose is ‘Return of Deposit’. Also if ‘Return of Deposit and transactions not considered as deposit’ is selected

  • Trust deed – Mandatory if company has trust deed and details of same are in the form

  • Copy of instrument creating charge – Mandatory if company has trust deed and details of same are in the form

  • List of depositors – Mandatory if company has balance of deposits outstanding at the end of the year. List of deposits matured, cheques issued but not yet cleared to be shown separately

  • Details of liquid assets

 

Accordingly, incase you have any doubts, certainly contact us from here. More DPT 3 FAQs coming soon.