Annual Compliance Compliances

E-Form DPT-3 – Mandatory Filing of Return of Deposits

Form DPT-3

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.

What are the new rules for the Return of Deposits?

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.

Companies Eligible to file the Return of Deposits in Form DPT-3

DPT-3 is applicable on:

  • Private Limited Companies
  • Public Limited Companies
  • One Person Company (OPC)
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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.

What does Form DPT-3 Include?

The form DPT-3 will include:

  • Details of all loans pertaining from 1st April 2014 to the date when this notification was official on the website of MCA, i.e. 22nd January 2019.
  • Moreover, this return shall be in e-form DPT-3 that has to be filed within 90 days from of publication of the government notification.

What is the due date of Filing Return of Deposits under Form DPT-3?

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.

Which loans shall be Covered under Form DPT-3?

In the context of loans, the following should be taken care of:

  • All the outstanding receipt of money or loan from the period of 1st April 2014 to 22nd January 2019 will be covered under this electronic Form DPT-3.
  • In case any loan is due before 1st April 2014 and is still outstanding in the records of the company. Then report to ROC in e-form DPT-3.
  • Moreover, in case of a company has already repaid loans before or on 22nd January 2018, then such a loan is no longer outstanding. As a result, no need to file e-form DPT-3.
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Effect of Amendment of the rule of e-form DPT-3

Amendment Applicable to Type of return Due date
Rule 16 Every company other than Government Company Return of deposit or particulars of transactions not considered as a deposit or both to furnish the information contained in its audited financial statements as on 31st March of the previous year On or before 30th June of every year
Insertion of Rule 16A(3) Every company other than Government Company One time return of outstanding receipt of money or loan by a company which is not considered as deposits from 1st April 2014 to the date of publication of this notice i.e. 22nd January 2019 Within 90 days from 22nd January 2019 i.e. on or before 22nd April 2019

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.

Disclosure Requirements by the Private Company

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.

Disclosures required for the amount outstanding before 1st April 2014

If the amount is outstanding on 22 Jan 2019 it can be presumed that it shall be reported under form DPT-3.

Penalties in case of non-compliance

The penalties and consequences can be explained under two sub-headings:

  • Not filing of DPT-3
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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.

  • Accepting Deposits

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.

Notification of Form DPT-3

To know more, you can refer to MCA Notification.

Conclusion

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.

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