Filing of Return of Deposit (Annual)

Company can raise funds through inviting deposit from its members or directors or general public. For the purpose of protecting interest of the deposit holder provisions are prescribed in the companies Act and rules are made thereunder. Companies which accepts deposits are required to File Return of Deposit in form DPT-3 with the registrar every year providing status as on 31st March of the year.

The Indian Government has brought in several changes and amendments to safeguard the rights of the traders and business owners and people who are directly or indirectly involved in the business operations. Moreover, is the Form DPT-3 (MCA). Additionally, the Ministry of Corporate Affairs has brought Form DPT3; it is a return of deposit that every company must file to present information about the outstanding receipt of loans other than they deposit.

MCA, on January 22nd, 2010, declared that every company, whether government or non-government, must file a one time return in Form DPT3 (MCA). The amendment is made in the sub-rule (3) after sub-rule (2) in Rule 16A of Companies rule. Moreover, it explains that every company, whether government or not, must file a one time return of the receipt of the outstanding loan amount, but it will not consider as a deposit.

The new rules for the Return of Deposits

DPT-3 is the sole form for filing return of deposits. It is a one-time 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 one-time return of loans. Those which has not been treated as deposits by the company previously.

“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)

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.

Companies exempted from filing the return

Every company except a government company must file this return. Additionally, as per Rule 1(3) of the Companies (Acceptance of Deposits) Rules 2014, the following companies are also exempt:

• Banking company
• Non-Banking Financial Company
• A housing finance company registered with National Housing Bank
• Any other company as notified under proviso to subsection (1) to section 73 of the Act

Way to File DPT-3

There are two types of returns to be filed:

1. One Time Return: This is for disclosing by company about details of outstanding money or loan received by it which is not considered as deposits according to the rules.
2. Annual Return: It is a return of deposits filed by the company on or before 30th June.

Transactions not considered as deposits

• Any amount received from the government or guaranteed by the government, foreign government/foreign bank.
• Any amount received as a loan or facility from any Public Financial Institutions, Insurance Companies or Banks.
• Any amount received from a company by a company.
• Subscription to securities and call in advance.
• Any amount received from the director of the company or a relative of the director of the Private company, who held the positions at the time of lending.
• Any amount received by the company from an employee, not exceeding his annual salary under the employee contract such as non-interest bearing security deposit.
• Any amount received in the course of, or for the purposes of, the business of the company as an advance for the supply of goods or provision of services or as a security deposit for the performance of the contract for the supply of goods or provision of services.
• Receipt of Rs 25 lakh or more by a startup company in the form of a convertible note, in a single tranche.
• Amount raised by the issuing secured bonds or debentures with first charge, non-convertible debentures not having a charge on the assets of the company.
• Unsecured loans from promoters.
• Any amount received by the company from Nidhi Company or by way of subscription in respect of chit under the Chit Funds Act, 1982.
• Any amount received by the company from a collective investment scheme, alternate investment funds or mutual funds registered with SEBI.
• Any other amount which is not considered as a deposit under Rule 2(1)(c).

Hence any amount whether secured or unsecured and which is outstanding money or loan not considered as deposits must be reported.

Information required to furnish Form DPT-3

The particulars to be furnished are as follows:

• CIN of the company
• Email ID
• Objects of the company
• Net worth of the company
• Particulars of charge if any
• Total amount outstanding (as on last year), particulars of credit rating

Documents to be submitted while filing DPT-3

• Auditors 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

STEP BY STEP PROCEDURE TO FILE FORM DPT-3

1. Enter CIN and click on Pre-fill. Open the Form, type the CIN of the Company and click on pre-fill. The basic details of the Company shall be pre-filled. However, you can edit the e-mail ID of the Company and enter a revised one.
2. Select the Purpose of filing the form. Click on the tab applicable depending upon the Purpose of filing the form & Enter whether company is government company.
3. Enter the objects of the company. You can enter the objects of the company in case the same is not pre-filled.
4. Enter the latest date of financial year-end. You have to enter such details only if the purpose is ‘Return of Deposit’ or ‘Particulars of transactions by a company not considered as a deposit or ‘Return of Deposit and Particulars of transactions by a company not considered as a deposit’ is selected.
5. Enter the details required for calculating the Net Worth. You have to enter the details as per the latest audited balance sheet preceding the date of the return of the Company.
6. Enter the maximum limit of deposit, total number of deposit holders as on 1st April and at the end of financial year and also, Particulars of deposits. You have to enter such details only if the purpose is ‘Return of Deposit’ or ‘Return of Deposit and Particulars of transactions by a company not considered as a deposit’ is selected.
7. Enter Particulars of liquid assets & Particulars of a charge created & Enter total amounts of outstanding money. Amount of deposits maturing before 31st March next year and following next year, Amount required to be invested in liquid assets, etc.
8. Attach Documents, Sign Form, Submit & Upload. Attach required documents then Digitally sign the form and now you can submit the form and upload it on MCA portal.

Consequences of non-filing

If the company does not adhere to the requirements of DPT-3 and keeps accepting deposits then it will face the following consequences:

• Under Section 73: A penalty of minimum 1 crore or twice the amount of deposits whichever is lower, which may extend to Rs. 10 crore.
• For every officer who is in default: imprisonment up to 7 years and with a fine not less than Rs. 25 lakhs which may extend to Rs. 2 crores.
• Under Rule 21: On the company and every officer in default a fine which may extend up to Rs. 5,000, and where the contravention is a continuing one, a fine of Rs. 500 for every day since the default.

Frequently Asked Questions

Q. What are the purposes/objects of filing of e-Form DPT-3?

Ans. One-time Return: To give the details of all outstanding receipt of money or loan taken from April 01, 2014 to March 31, 2019, which is not considered as deposit i.e. exempted deposit, as per rule 2 (1) (c) of the Companies (Acceptance of Deposits) Rules, 2014; Yearly return for the:

1. the details of receipt of money or loan by a company but not considered as deposits i.e. exempted deposit, at the end of financial year, as per rule 2 (1) (c) of the Companies (Acceptance of Deposits) Rules, 2014;
2. return of deposit;

Q. What are the information’s to be furnished in yearly return of deposit?

Ans. This return is mandatory if the Company has accepted the deposit. Here, the particulars of the deposit’s i.e. amount of existing deposit in the beginning of the year, deposit renewed during the year, deposit accepted during the year and the deposit paid during the year etc. is need to furnish in yearly return of deposit. The outstanding amount shall also include the interest on it, if any.

Q. Are small companies exempted from filing Form DPT 3?

Ans. No, there is no exemption as such. Only government Companies are not required to file Form DPT-3.

Q. If loan/money has been received any time after 01.04.2014 and repaid before 31.03.2019 then also company has to furnish such information?

Ans. No, the company has to furnish information only about the outstanding loan/money as on 31st March 2019.

Q. Should one include interest and Principal amount while filing the form DPT 3?

Ans. Amount Outstanding in DPT-3 shall include both Principal and Interest Amount

Q. What are the consequences of filing Form DPT -3 late?

Ans. Filing Form DPT-3 after the due date attracts a penalty of Rs. 100 per day up to an amount of Rs. 5000 for each form, i.e., Form DPT-3

Q. How can Form DPT -3 be corrected?

Ans. Any correction in Form DPT-3 must be made within 90 days from the end of the month in which an error has been noted while filing Form DPT-3. After 90 days period, Form DPT-3 cannot be corrected without the permission of the Commissioner. Form DPT-3 can also be corrected, after 90 days period, if Form DPT -3 is still under process and has not been processed by the concerned authority.

Q. What is an one-time return filing in Form DPT?

Ans. One-time return filing is the amount that is outstanding and is not classified as a deposit. It must not include money received after April 1st, 2014, and the amount that has been outstanding as on March 31st, 2019.

Q. What is annual return filing in Form DPT3?

Ans. It is the yearly return filed for the outstanding amount of money received and is not classified as deposited. It includes the amount received before April 1st, 2014, or which has remained outstanding as on March 31st, 2019.

Q. Which Companies are required to file the e-Form DPT-3?

Ans. Every Company is required to file the e- Form DPT-3 except the following:

• Government Company;
• Non-banking and finance company;
• Banking Company

Q. What is the due date for the filing of e-Form DPT?

Ans. One-time return: June 29, 2019 i.e. 90 (ninety) days from March 31, 2019; Yearly return: June 30 of that year for which the information is to be furnished

Q. What are the basic differences in one time return of exempted deposit, yearly return of exempted deposit and return of deposit?

Ans. Although, there are no mandatory attachments for filing of one-time return as well as the yearly return of exempted deposits however, it is recommended to obtain the Statutory Auditor Certificate as a back-up documents for the internal record of the Company for both the returns.