Why and Who Should File DPT-3
Form DPT-3 is the Return of Deposits, which is filed pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules. It states that every company to which such rule applies shall file on or before 30th of June of every year, with the Registrar a return of deposits or particulars of transaction which are not considered as deposits or both in Form DPT-3, along with the payment of the fees which has been prescribed or is applicable for the filing of the same and also furnish the information as on the last date of the FY ending on 31st of March of the relevant previous year as audited.
According to the rule 16A, DPT-3 must be filed by all the companies who have received money and loan which is due. The DPT-3 form must be filed by all the companies including small, private, non-small, OPC, etc. Both secured, unsecured Loans along with advance for goods and services must be filed in the DPT-3 Form.
Say with respect to the FY 2019-20 which is ending on 31st March of 2020, the due date for filing form DPT-3 shall be 30th of June 2020.
What is Deposit?
As per section 2(31) of the Companies Act, deposits include any receipt of money by way of:
– a deposit, or
– a loan, or
– in such other valid form by a company.
It should also be noted that this does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India (RBI).
Who should File DPT-3?
The Ministry of Corporate Affairs (MCA) has made it mandatory for all the companies registered in India to file form DPT-3 and this would include:
– Private Limited Company
– Public Limited Company
– One Person Company (OPC)
– Small Company.
The following companies are not required to file form DPT-3 or are given exceptions from the same:
– Government Company
– Banking Company
– Non-Banking Financial Corporation (NBFC)
– A Housing Finance Company which is formed asper the National Housing Bank
– Company which has NIL outstanding deposits/loans/amount not considered as deposits as of 31st March of the relevant financial year
– Any other company as it has been given or specified under proviso to the section 73(1) of the Companies Act.
Aim of Form DPT-3
The major objective for introducing form DPT-3 was to develop a one-time return, which would disclose or enable the company to declare the receipts considered as deposits and for receipts not given consideration as deposits referring to the provisions of the law or the Companies Act 2013.
And it shall be filed in two manners, and this includes:
– Time Return
– Annual Return.
The one-time return must be filed for a period which starts on 1st April 2014 to 31st March of 2019, where a reporting with regard to all receipts which are not considered as deposits but are received in this period and are outstanding as of 31st March 2019 should be made.
While the annual return is the period which starts from 1st of April 2019 to 31st March 2020 specifying the details of all the amounts which are outstanding as of such date.
Transactions that are not considered as Deposits
- Any amount received from the government or guaranteed given by the government, foreign government, or a foreign bank.
- Any amount received as a loan or facility from any Public Financial Institutions, Insurance Companies, or Banks.
iii. Any amount which is received from a company by another company.
- Subscription to securities and call-in advance amount received.
- Any amount received from the director of the company or a relative of the director of the Private company, who was holding such position at the time of lending.
- Any amount received by the company from an employee, not exceeding his annual salary under the employment contract such as a non-interest-bearing security deposit.
vii. Any monetary payment or such other amount received in the course of, or for the requirement of, the business of the company as an advance payment for the sale of goods or provision of services or for performing the contract, for the supply of goods or provision of services, in the form of a security deposit.
viii. Receipt of Rs 25 Lakh or more by a start-up company in the form of a convertible note, in a single tranche (group of securities).
- Amount raised by issuing secured bonds or debentures with first charge or non-convertible debentures which is not having a charge on the assets of the company.
- Unsecured loans received from promoters.
- Any monetary payment or such amount received by the company from either a Nidhi Company or by a manner of subscription in respect of chit which was made under the Chit Funds Act, 1982.
xii. Any amount received by the company from a collective investment scheme, alternate investment funds, or mutual funds registered with SEBI.
xiii. Any other amount which is not considered as a deposit under Rule 2(1)(c).
Information to be Furnished in Form DPT-3
The following details shall be furnished by a company in the form DPT-3:
– CIN of the company
– Email ID
– Objects of the company
– Net worth of the company
– Particulars related to the creation charge (if any)
– The total amount outstanding as of 31st of March 2020
– Particulars pertaining to the credit rating.
Documents to be Submitted
The following documents shall be submitted with MCA while filing form DPT-3:
– Auditor’s Certificate
– Copy of Trust deed
– As and where applicable or provided in the form, provide the contract of Deposit Insurance,
– 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
– Such other optional attachments are specified in the form DPT-3.
Non-Filing of Form DPT-3
If the company fails to file form DPT-3 with the MCA and is accepting deposits contrary to the same then the following consequences shall arise pertaining to the Companies Act:
As per Section 73, a penalty of a minimum of INR 1 crore or twice the total amount of deposits whichever is lower, which may extend to INR 10 crore shall be levied.
For every officer who is in default, imprisonment up to 7 years and a fine not less than INR 25 Lakhs which may extend to INR 2 crores shall apply.
And in reference to the relevant Rule 21, on the company and every officer in default, there shall be a levy of a fine which may extend up to INR 5,000, and this shall be applied and where the contravention is a continuing one, a fine of INR 500 for every day since the default shall also be levied.