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.
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.
DPT-3 is applicable on:
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.
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:
There are two types of returns to be filed:
Hence any amount whether secured or unsecured and which is outstanding money or loan not considered as deposits must be reported.
The particulars to be furnished are as follows:
If the company does not adhere to the requirements of DPT-3 and keeps accepting deposits then it will face the following consequences:
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:
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.
Ans. No, there is no exemption as such. Only government Companies are not required to file Form DPT-3.
Ans. No, the company has to furnish information only about the outstanding loan/money as on 31st March 2019.
Ans. Amount Outstanding in DPT-3 shall include both Principal and Interest Amount
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
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.
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.
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.
Ans. Every Company is required to file the e- Form DPT-3 except the following:
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
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.