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On 22nd January 2019 MCA came up with the new rules for Form DPT-3. Such rules are under Companies (Acceptance of Deposits), Rules, 2014. It suggests that every company other than Government Company shall file a onetime return of outstanding receipt of money/loan taken by the company.
Before moving ahead, let’s try to understand more about DPT-3 and major amendments which took place.
Table of Contents
DPT-3 is the sole form for filing return of deposits. It is a onetime return of outstanding receipts of money or loans taken by a company which has not been considered as deposits.
On 22nd January 2019, the MCA came up with a new amendment in the Companies (Acceptance of Deposits), Rules, 2014. Now as per the new guideline, every company other than the government companies has to file a onetime return of loans. Those which has not been treated as deposits by the company previously.
Please note that “Outstanding receipt of money or loan” means any loan which is treated as a deposit or not outstanding from 1st April 2014 to 22nd January 2019.
DPT-3 is applicable on:
Please note that Government Companies is exempt from filing DPT-3. Moreover, if the company does not accept a loan or does not have any outstanding loan. Then there is no need to comply with the provisions of this rule.
The form DPT-3 will include:
As per the notification of MCA, the date of filing Form DPT-3 is within 90 days of publication of this notification. Hence, the due date for filing Form DPT-3 is 22nd April 2019.
Calculation is done as 22nd January 2019 + 90 days = 22nd April 2019.
In the context of loans, the following should be taken care of:
According to the rules of Companies Act 2013, a company form of business is a separate legal entity. All types of companies have to fulfill certain legal compliance on a yearly basis. However, These are collectively known as Annual compliance of private limited company or RoC filing.
If a private company accepts a loan from directors or relatives then in addition to DPT 3 it shall also disclose the information regarding these transactions in its Board’s Report and Notes to accounts.
If the amount is outstanding on 22 Jan 2019 it can be presumed that it shall be reported under form DPT-3.
The penalties and consequences can be explained under two sub-headings:
Not filing DPT 3 within the given due dates shall attract a penalty of Rs 5,000 and Rs 5,000 per day in case of a continuing default, on the company and its officers in default.
If the company does not file DPT-3 and still accepts deposits then it shall:
1. Repay the amount of deposits together with the due interests and also be chargeable with a fine of Rs 1 Crore or twice the amount of deposits, whichever is lower but the same may extend to Rs 10 Crore
2. Every officer who is in default shall be chargeable with a fine of Rs 25,000 to Rs 2 Crore and imprisonment of up to 7 years.
3. For willful defaults, punishment as per Section 447 of the Companies act 2013 shall be applicable.
To know more, you can refer to MCA Notification.
Every Company, be its small company, Public Company, Private Company, One Person Company shall file an e Form DPT-3. Moreover, they must file it for a period from 1st April 2014 to the date of publication of this notification. In case you need any kind of professional advice, do contact Enterslice now.
Mr. Neelansh Gupta is a Legal Counsel having extensive in-depth knowledge of various laws. He has completed his graduation in law and has experience in IPR, Taxation and Corporate laws.
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