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Form DPT-3

Form DPT-3

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Form DPT-3

Any company that has taken deposits pursuant to Section 73 of the Companies Act, 2013 (the “Act”) and the rules issued thereunder must complete the DPT-3 form. Any amount collected from the broader public, including members, is typically referred to as a public deposit. For the advantage of the interested readers, we review the key components of DPT-3 in this blog.

What is DPT-3?

Every company save the government corporation is required to submit a DPT-3, which is a return of deposits or transactions not deemed deposits or both. The Registrar of Companies (“ROC”) will receive information about the loan or cash received by the company via this form.

The Central Government, in collaboration with the Reserve Bank of India, announced the Companies (Acceptance of Deposits) Amendment Rules 2019 to alter the Companies (Acceptance of Deposits) Rules 2014 in order to protect the interests of creditors or depositors.

Every company other than a government company is required to make a one-time return in DPT-3, according to a notification from MCA dated January 22, 2019. Additionally, it must be submitted yearly. As a result, subrule (3) was added to Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014, after subrule (2), as follows:
Every company other than government entities must submit a once-off return of any money or loans received by them but not considered deposits under clause (c) of rule 2’s subrule 1 within “ninety days from the end of March 2019,” as specified in Form DPT-3, and pay a fee in accordance with the 2014 Companies (Registration Offices and Fees) Rules.

*The aforementioned time frame was later changed by the publication of General Circular No. 05/2019, which specified that the additional cost would be assessed 30 days following the deployment of the form DPT-3 on the MCA 21 portal. Consequently, the new deadline was May 31, 2019. The form must now be submitted annually.

Who is exempt from filing the return?

The only exception to this filing requirement is government-owned businesses. The following businesses are additionally exempt pursuant to Rule 1(3) of the Companies (Acceptance of Deposits) Rules 2014:

  • Banking company
  • Nonbanking financial company
  • A home loan provider that is authorized by the National Housing Bank
  • Any other company as notified under proviso to subsection (1) to Section 73 of the Act

Understanding deposit and exempted deposit is necessary to comprehend the applicability of form DPT-3. Let’s examine these concepts in more detail.

Deposit

A “deposit” is defined as any money received by a business as a deposit, loan, or in any other form by Section 2(31) of the Companies Act, 2013, with the exception of those categories of money that may be defined in consultation with the Reserve Bank of India.

Any payment received in the form of a loan, deposit, or other transaction that is not one of those listed in Rule 2(1)(c) of the 2014 Companies (Acceptance of Deposits) Rules.

Since the aforementioned definition is all-inclusive, every sum received by the company in any way—whether as a loan, advance, or in any other way—shall be regarded as a deposit, with the exception of those transactions that the Central Government has prescribed after consulting the Reserve Bank of India.

Exempted deposit

Advances or loans that the firm has received from promoters, shareholders, directors, or banks in compliance with the 2014 Companies (Acceptance of Deposits) Rules, Section 2(1)(c). Or, to put it another way, any financial receipt that satisfies the requirements of Rule 2(1)(c) of the 2014 Companies (Acceptance of Deposits) Rules is an exempted deposit.

DPT-3 applicability

When the business receives funds, regardless of whether they are categorized deposits or exempt deposits, form DPT-3 must be completed.

This is due to the fact that money received in whatever form is categorized as either deposits or exempted deposits, and both types of deposits must be reported using form DPT-3. Money received in the form of client advances, advances against real estate, and other types of advances falls under the category of exempted deposits.

DPT-3 filing

How to submit the E-form DPT-3 to the Ministry of Corporate Affairs is shown here.

  • Gather all the information

Keep the corporate records that have been audited handy, together with information about the total amount that has been received by the corporation but hasn’t been classified as a deposit.

  • Form DPT-3 downloading

Download the form DPT-3 from the Ministry of Corporate Affairs website.

  • Fill all the information

Fill in all of the necessary information from the appropriate sources to prevent any typing or nontyping errors. Keep the following in mind while you complete the DPT-3 form:

  1. Decide on a filing cause. Choose option one if you only wish to submit the DPT-3 form once.
  2. Select between private and public companies.
  3. Make sure you complete all the necessary fields.
  4. All of the optional data can be skipped.
  5. Include any supporting documents, such as an audited financial statement and an auditor’s certificate.
  • The signing of form DPT-3.

Once all the information has been entered, double-check the form and digitally sign it.

  • Upload form DPT-3

After signing it with the director’s digital signatures, upload the form to the Ministry of Corporate Affairs website and complete the process.

What information has to be provided in form DPT-3?

The information that includes company’s Corporate Identification Number (CIN), email address, objects, net worth, charge details, total amount due as of March 31, and credit rating information.

DPT-3 may be of two varieties, as follows:

One-time return

Annual return

Consequences of nonfiling

The company will experience the following repercussions if it disregards the DPT-3 criteria and continues to accept deposits:

Under Section 73, there is a minimum fine of Rs. 1 crore and a maximum fine of Rs. 10 crore, depending on which is lesser.

For each officer in default, a fine of at least Rs. 25 lakh and up to Rs. 2 crore, with a maximum sentence of 7 years in prison.

Under Rule 21, a punishment of up to 5,000 rupees may be imposed on the firm and each officer who is in default. If the violation is continuing, a fine of 500 rupees is imposed for each day that the default has persisted.

DPT-3 filing fees

Fees shall be payable as per the Companies (Registration Offices and Fees) Rules.

DPT-3 Filing Fees Applicable in Case of a Company Having a Share Capital

Nominal share capital Fee applicable
Less than 1,00,000 Rupees 200 per document
1,00,000 to 4,99,999 Rupees 300 per document
5,00,000 to 24,99,999 Rupees 200 per document
25,00,000 to 99,99,999 Rupees 500 per document
1,00,00,000 or more Rupees 600 per document

 

DPT-3 Filing Fees Applicable in Case of a Company Not Having a Share Capital

The fee applicable is Rupees 200 per document.

DPT-3 Late Fees

DPT-3 penalty for late filing is as follows:

Periods of delay Late fee for DPT-3
Up to 30 days Two times of normal fees
More than 30 days and up to 60 days Four times of normal fees
More than 60 days and up to 90 days Six times of normal fees
More than 90 days and up to 180 days Ten times of normal fees
More than 180 days Twelve times of normal fees

 

Last date to file DPT-3

The yearly return must be filed by June 30 of each year. For instance, DPT-03 is due on June 30, 2020 for the fiscal year 2019–20.

Documents to be submitted

The following are the documents to be submitted in this regard:

  • Auditor’s certificate
  • Copy of trust deed
  • Deposit insurance contract, wherever applicable and mentioned in the form
  • Copy of instrument creating the charge
  • List of depositors—List of deposits matured and cheque issued but not yet cleared to be shown separately
  • Details of liquid assets
  • Optional attachment

DPT-3 auditor certificate format

Is auditor’s certificate mandatory for DPT-3?

It is not necessary to attach the auditor’s certificate if a DPT-3 is filed for a one-time return or an annual return for an outstanding amount. However, an auditor’s certification is necessary if the corporation is submitting a DPT-3 for a return of deposits.

Hereunder, we provide an auditor certificate format for DPT-3.

Auditor Certificate

To,

The Board of Directors

………………………….. Private Limited

…………………………………………..

………………………………………………..

Chartered Accountants’ Certificate on Return of Deposit (Form DPT-3) under clause (31) of section 2 and section 73 of Companies Act, 2013 read with Rule 2(1) (c ) and Rule 16A of Companies (Acceptance of Deposits) Rules, 2014 along with Companies (Acceptance of Deposits) Amendment Rules, 2019.

(1) The accompanying “Certificate by the Statutory Auditor” is based on the verification of the books & records from 01st April, 2020 to 31st March, 2021 of M/s. ……………………………..Private Limited having CIN (“The Company”), incorporated on ………………………, having its Registered Office At …………………………………………. in respect of filing of Return of Deposit with the Registrar of Companies, ————

(2) This certificate is issued pursuant to the requirements of clause (31) of section 2 and section 73 of Companies Act, 2013 read with Rule 2(1) (c ) and 16 of Companies (Acceptance of Deposits) Rules, 2014

Managements’ Responsibility

(3) The preparation of the Form DPT-3 for reporting of Return of Deposit for disclosure of details of outstanding money or loan received by a company but not considered as deposits in terms of rule 2(1)(c) of the Companies(Acceptance of Deposits) Rules, 2014 is the responsibility of the Board of Directors of the Company. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Form DPT-3 and related documents applying an appropriate basis for preparation; and making estimates that are reasonable in the circumstances.

(4) The Board of Directors are also responsible for ensuring that the Company complies with the requirements of the Companies Act, 2013 read with respective rules and provides all relevant information as required therein.

Chartered Accountants’ Responsibility

(5) Pursuant to clause (31) of section 2 and section 73 of Companies Act, 2013 read with Rule 2(1)(c) and Rule 16 of Companies (Acceptance of Deposits) Rules, 2014 the auditors have to issue a certificate with respect to the filing of return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of subrule 1 of rule 2 from the 01st April, 2020 to 31st March, 2021. Based on the Companies (Acceptance of Deposits) Rules, 2014 statutory auditors have to issue a certificate for form DPT-3 for disclosure of details of outstanding money or loan received by a company but not considered as deposits in terms of rule 2(1)(c) of the Companies(Acceptance of Deposits) Rules, 2014.

(6) In view of above regulations, the Board of Directors of Company have approached us, it is responsibility to issue auditors’ certificate to file one time return by the Company with the Registrar of Companies, —————–.

(7) We conducted our examination of books of account provided to us in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (“ICAI”) as well as other applicable pronouncements of the ICAI. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India.

Opinion

(8) Based on our verification of audited books of account period from 01st April, 2020 to 31st March, 2021, we certify the following that;

  1. (a) The Company has outstanding loan from shareholders Rs.__________________.
  2. (b) The Company has received a Rs. __________________ advance for the provision of goods.____________.
  3. (c) The Company has an outstanding loan of Rs. _________ from directors or relatives of directors.
  4. (d) The Company has an outstanding loan of Rs. ______________ from any banking institution.

 

Part I: Deposits

S. No. Particulars Amount

Part II: Non-Deposits

S. No. Particulars Amount

Restrictions on Use

(9) This certificate has been issued to the Board of Directors of the Company at their specific request for filing of one-time return of outstanding receipt of money or loan by a company but not considered as deposits with the Registrar of Companies, Karnataka and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.

 

 

 

Place: ——-

Date:

For ……………………

Chartered Accountants

FRN …………………

………………………

Partner

M.No………..

AUDITOR’S CERTIFICATE

This is to certify that M/s. …………………………… Private Limited, having CIN No. ………………………………. (“The Company”) and having its office at …………………………………….. has accepted *deposits as detailed in Annexure 1.

We further certify that, there is an outstanding receipt of money or loan by the company but not considered as deposits, in terms of clause (c) of subrule 1 of rule 2 from the 01st April 2020 to 31st March 2021 based on the records and books of the Company.

We have verified the audited financial statements for the period from 01st April, 2020 to 31st March, 2021 maintain by the Company for these deposits and details as given in Annexure are found to be true and correct.

 

 

 

Place: Bangalore

Date:

For ……………………

Chartered Accountants

FRN …………………

………………………

Partner

M.No………..

 

The DPT-3 form must be filed for a lot more than just the loan and/or deposit. The receipt of money in any form that is needed for repayment or adjustment and was still owing on March 31 is the fundamental tenet of submitting form DPT-3.

In view of the foregoing, we hope that people who are interested in understanding the foundations, relevance, and applicability of form DPT-3 may find this blog to be of use.

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