DPT-3 Form Filing for Return of Deposits [Important] By CA Dhaval Doshi


What are the new rules for the Return of 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 onetime return of loans. Those which has not been treated as deposits by the company previously.
 
Companies (Acceptance of Deposits) Amendment Rules, 2019

1) (a) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 2019.

(b) They shall come into force on the date of their publication in the Official Gazette.
 
2) In the Companies (Acceptance of Deposits) Rules, 2014 (hereinafter referred to as the said rules), in rule 2, in sub-rule (1), in clause (c), in sub-clause(xviii), after the words “Infrastructure  Investment Trusts,” the words “Real Estate Investment Trusts” shall be inserted.
 
3) In the said rules, in rule 16, the following Explanation shall be inserted, namely:-

“Explanation.- It is hereby clarified that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as a deposit or both by every company other than Government company.”.
 
4) Thereafter, on April 30, 2019, MCA vide its Notification dated April 30, 2019, notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2019, according to which the reporting in the one-time return (i.e., e-form DPT-3) has to be done for receipt of money or loan from April 1, 2014, till March 31, 2019. Also, the filing due-date has been extended to ninety days from March 31, 2019.
 
A. Applicability to file:

Form DPT-3 filing must be made by all companies other than a Government company, Banking 
Company, and NBFCs.

All the companies which have accepted deposits or loans which are exempted from the provision 
of Section 73 to 76 of the Companies Act 2013 and such deposits and loans are still outstanding on the date of 31st March 2019.

Hence, All Private Limited Company, One Person Company ( OPC) , Limited Company or
Section 8 Company shall disclose in its financial statement, by way of notes about money received from Directors   
 
B. Non-Applicable:

a) Non-Government Company

b) The Company not accepting any loan or does not have an outstanding Loan.
 
C. Due Date:

As per the notification of MCA, the date of filing Form DPT-3 is within 90 days.  Hence, the due date for filing Form DPT-3 is 29th June 2019.
 
D. Loan Covered under DPT-3

a) All the outstanding receipt of money or loan from the period of 1stApril 2014 to 31st March, 
2019 will be covered.

b) In case any loan is due before 1st April 2014 and is still outstanding in the records of the 
company.

c) If there is no outstanding Loan company does not accept any loan then there is no need to file DPT - 3 form   

d) Both Secured and Unsecured Loan Covered in DPT-3 Form.
 
E. Understanding the effect of amendment:
 

Relevant Amendment

Applicable to

Type of Return

Due Date

 

Rule 16

Every company other than Government Company

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 31st March of the previous year

On or before 30thJune of every year

 

Insertion of Rule 16A(3)

Every company other than Government Company

One time return of outstanding receipt of money or loan by a company which is not considered as deposits from 1stApril 2014 to 31st March 2019

Within 90 days from 31st March 2019 i.e. on or before 29th June 2019

 
F. Documents required for attachment:

a) Certificate for Auditor

b) Proof of trust deed

c) An instrument creating a charge

d) Particulars of Liquid assets if any

e) List of Depositors - List of deposits matured cheque issued but not yet cleared to be shown separately - Mandatory if a company has the balance of deposits outstanding at the end of the year.

f) Optional attachment
 
G. Penal Provision:
 
Section 76A of Companies Act 2013: The penalties and consequences can be categorized under two heads.

Not-filing of DPT-3

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 continuing default, on the company and its officers in default.
 
Accepting Deposits

  • If the company is non-compliant with the provisions of the law i.e does not file DPT-3 and still accepts deposits then it shall Repay the amount of deposits together with the due interests and also be chargeable with fine of Rs 1 Cr or twice the amount of deposits (whichever is lower) but the same may extend to Rs 10 Cr.
  • Every officer who is in default shall be chargeable with a fine of Rs 25,000 to Rs 2 Cr and imprisonment upto 7 years.
  • For willful defaults, punishment as per Section 447 of the Companies Act, 2013 shall be levied.
Link For Acceptance of Deposits rule:
 
 

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