{"id":12995,"date":"2019-01-31T18:23:43","date_gmt":"2019-01-31T12:53:43","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=12995"},"modified":"2019-05-28T14:21:45","modified_gmt":"2019-05-28T08:51:45","slug":"form-dpt-3-new-rules","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/form-dpt-3-new-rules\/","title":{"rendered":"E-Form DPT-3 \u2013 Mandatory Filing of Return of Deposits"},"content":{"rendered":"<p>On 22<sup>nd<\/sup>&nbsp;January 2019 MCA came up with the new rules for Form DPT-3. Such rules are under&nbsp;Companies (Acceptance of Deposits), Rules, 2014. It suggests that&nbsp;every company other than Government Company&nbsp;shall file a&nbsp;onetime return&nbsp;of outstanding receipt of money\/loan taken by the company.<\/p>\n<p>Before moving ahead, let&rsquo;s try to understand more about DPT-3 and major amendments which took place.<\/p>\n<h2><strong>What are the new rules for the Return of Deposits?<\/strong><\/h2>\n<p>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.<\/p>\n<p>On 22<sup>nd<\/sup> January 2019, the <a href=\"https:\/\/enterslice.com\/learning\/tag\/MCA\/\" target=\"_blank\" rel=\"noopener noreferrer\">MCA<\/a> came up with a new <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Amendment&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;An &amp;quot;amendment&amp;quot; refers to the formal change or correction of a legal document, often involving additions, variations, or deletions to address irregularities or clarify points in an agreement.(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/amendment\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>amendment<\/a> 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.<\/p>\n<p><strong><em>Please note that &ldquo;Outstanding receipt of money or loan&rdquo; means any loan which is treated as a deposit or not outstanding from 1<sup>st<\/sup> April 2014 to 22<sup>nd<\/sup> January 2019.<\/em><\/strong><\/p>\n<h2><strong>Companies Eligible to file the Return of Deposits in Form DPT-3<\/strong><\/h2>\n<p>DPT-3 is applicable on:<\/p>\n<ul>\n<li>Private Limited Companies<\/li>\n<li>Public Limited Companies<\/li>\n<li>One Person Company (OPC)<\/li>\n<\/ul>\n<p>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.<\/p>\n<h2><strong>What does Form DPT-3 Include?<\/strong><\/h2>\n<p>The form DPT-3 will include:<\/p>\n<ul>\n<li>Details of all loans pertaining from&nbsp;1st April 2014&nbsp;to the date when this notification was official on the website of MCA, i.e.&nbsp;22nd January 2019.<\/li>\n<li>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.<\/li>\n<\/ul>\n<h2><strong>What is the due date of Filing Return of Deposits under Form DPT-3?<\/strong><\/h2>\n<p>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 22<sup>nd<\/sup> April 2019.<\/p>\n<p>Calculation is done as 22<sup>nd<\/sup> January 2019 + 90 days = 22<sup>nd<\/sup> April 2019.<\/p>\n<h2><strong>Which loans shall be Covered under Form DPT-3?<\/strong><\/h2>\n<p>In the context of loans, the following should be taken care of:<\/p>\n<ul>\n<li>All the outstanding receipt of money or loan from the period of 1<sup>st<\/sup> April 2014 to 22<sup>nd<\/sup> January 2019 will be covered under this electronic Form DPT-3.<\/li>\n<li>In case any loan is due before 1<sup>st<\/sup> April 2014 and is still outstanding in the records of the company. Then report to ROC in e-form DPT-3.<\/li>\n<li>Moreover, in case of a company has already repaid loans before or on 22<sup>nd<\/sup> January 2018, then such a loan is no longer outstanding. As a result, no need to file e-form DPT-3.<\/li>\n<\/ul>\n<h2><strong>Effect of Amendment of the rule of e-form DPT-3<\/strong><\/h2>\n<table border=\"1\" width=\"100%\" cellspacing=\"0\" cellpadding=\"10\">\n<tbody>\n<tr>\n<th style=\"text-align: center;\">Amendment<\/th>\n<th style=\"text-align: center;\">Applicable to<\/th>\n<th style=\"text-align: center;\">Type of return<\/th>\n<th style=\"text-align: center;\">Due date<\/th>\n<\/tr>\n<tr>\n<td>Rule 16<\/td>\n<td style=\"text-align: left;\">Every company other than Government Company<\/td>\n<td>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 31<sup>st<\/sup> March of the previous year<\/td>\n<td>On or before 30<sup>th<\/sup> June of every year<\/td>\n<\/tr>\n<tr>\n<td>Insertion of Rule 16A(3)<\/td>\n<td>Every company other than Government Company<\/td>\n<td>One time return of outstanding receipt of money or loan by a company which is not considered as deposits from 1<sup>st<\/sup> April 2014 to the date of publication of this notice i.e. 22<sup>nd<\/sup> January 2019<\/td>\n<td>Within 90 days from 22<sup>nd<\/sup> January 2019 i.e. on or before 22<sup>nd<\/sup> April 2019<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>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 <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a>. However, These are collectively known as Annual compliance of private limited company or RoC filing.<\/p>\n<h2><strong>Disclosure Requirements by the Private Company<\/strong><\/h2>\n<p>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&rsquo;s Report and Notes to accounts.<\/p>\n<h2><strong>Disclosures required for the amount outstanding before 1st April 2014<\/strong><\/h2>\n<p>If the amount is outstanding on 22 Jan 2019 it can be presumed that it shall be reported under form DPT-3.<\/p>\n<h2><strong>Penalties in case of non-compliance<\/strong><\/h2>\n<p>The penalties and consequences can be explained under two sub-headings:<\/p>\n<ul>\n<li><strong>Not filing of DPT-3<\/strong><\/li>\n<\/ul>\n<p>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.<\/p>\n<ul>\n<li><strong>Accepting Deposits<\/strong><\/li>\n<\/ul>\n<p>If the company does not file DPT-3 and still accepts deposits then it shall:<\/p>\n<p><strong>1.<\/strong> 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<\/p>\n<p><strong>2.<\/strong> 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.<\/p>\n<p><strong>3.<\/strong> For willful defaults, punishment as per Section 447 of the Companies act 2013 shall be applicable.<\/p>\n<h2><strong>Notification of Form DPT-3<\/strong><\/h2>\n<p>To know more, you can refer to <a href=\"http:\/\/www.mca.gov.in\/Ministry\/pdf\/AcceptanceDepositsAmendmentRule_22012019.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">MCA Notification<\/a>.<\/p>\n<h2><strong>Conclusion<\/strong><\/h2>\n<p>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 1<sup>st<\/sup>&nbsp;April 2014 to the date of publication of this notification. In case you need any kind of professional advice, do contact Enterslice now.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 22nd&nbsp;January 2019 MCA came up with the new rules for Form DPT-3. Such rules are under&nbsp;Companies (Acceptance of Deposits), Rules, 2014. It suggests that&nbsp;every company other than Government Company&nbsp;shall file a&nbsp;onetime return&nbsp;of outstanding receipt of money\/loan taken by the company. Before moving ahead, let&rsquo;s try to understand more about DPT-3 and major amendments which [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":13005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1290,2369],"tags":[2380,2379,1016],"acf":{"service_id":"88"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Form DPT-3 Mandatory Requirements for the Companies<\/title>\n<meta name=\"description\" content=\"MCA has notified new rules for Form DPT-3 which states one time compliance for return of deposits for all companies except Government Companies\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/form-dpt-3-new-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Form DPT-3 Mandatory Requirements for the Companies\" \/>\n<meta property=\"og:description\" content=\"MCA has notified new rules for Form DPT-3 which states one time compliance for return of deposits for all companies except Government Companies\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/form-dpt-3-new-rules\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-31T12:53:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-28T08:51:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/01\/Form-DPT-3-2.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Neelansh Gupta","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/IMG_20190305_185223.jpg","authorDescription":"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.","postViews":2080,"readingTime":4,"nextPost":{"id":13011,"slug":"difference-between-cgst-and-sgst"},"prevPost":{"id":12963,"slug":"insolvency-and-bankruptcy-code"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/01\/Form-DPT-3-2.jpeg","postTerms":"Annual Compliance","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/12995"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=12995"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/12995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/13005"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=12995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=12995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=12995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}