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    Form DPT-3 Return of Deposits

    Form DPT-3 Return of Deposits

    Form DPT-3 – Return of Deposits

    E-Form DPT-3 is required to be filed pursuant to section 73 read with rule 16 of the Companies (Acceptance of Deposits) Rules, 2014. The MCA has made it necessary for all registered companies in India to file Form DPT-3.

    Accordingly, to protect and safeguard the interest of deposit holders or creditors of the Company, the Central Government in consultation with the Reserve Bank of India (RBI), notified the Companies (Acceptance of Deposits) Amendment Rules, 2019 to amend the Companies (Acceptance of Deposits) Rules, 2014.

    Rule 16A (3) Every company other than Government Company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to 22nd January, 2019 (till the date of publication of this notification in the Official Gazette), as specified in Form DPT-3 within ninety days from the date of said publication of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

    KEY POINTS OF THE NEW NOTIFICATION & APPLICABILITY:-

    1. Requirement: – Filling is required to be done for both secured & unsecured outstanding money/loan not considered deposits are mentioned below which are not treated as deposits as per Rule 2(1)(c) of Companies (Acceptance of Deposits) Rules, 2014. DPT-3 needs to file in respect of these transactions.

    2. Period of ‘outstanding receipt of money or loan: – The period which is covered for filing this return is from 01st April, 2014 till 22ndJanuary, 2019. Also. it is required to be filed in case the loan/money outstanding is taken from its holding/subsidiary or associate company.3. Filing Fees: – Fees shall be payable as per the Companies (Registration Offices and Fees) Rules,

    The Concept of Deposit

    → Section 2(31) of CA, 13 defines the term ‘deposit’ in an inclusive manner which provides that any receipt of money by way of deposit or loan by a company shall be termed as a deposit. An extension of this definition has been provided in Rule 2(1)(c). Further, Sections 73 to 76A of Companies Act 2013 contain the provisions relating to acceptance of deposits from members by private companies and from persons other than members by public companies and the procedural requirements for the same have been prescribed through the Rules.

    Rule 16 of the existing set of Rules requires the filing of the return of deposits (e- form DPT-3) or before 30th June every year by the companies accepting deposits.

    Filing of DPT 3 form?

    → The amendments require reporting of the following by the companies with the registrar:

    1. A one-time return which will give the details of the outstanding receipt of money or loan which have not been considered as deposits as per Rule 2(1)(c) of the Rules. For this, the period of such receipt of money or loan has to be considered from 1stApril 2014 till the date of publication of the notification in the gazette, i.e., 22nd January 2019 and which are outstanding as on the said date. The reporting has to be done within 90 days of the said publication.

    2. A periodic return which will give the details of particulars of transactions which are not considered as deposits as per Rule 2(1)(c) of the Rules within 30thJune of every year containing details as on 31st March.

    Which transactions are excluded as deposits as enlisted in Rule 2(1)(c)?

    → Rule 2(1)(c) defines the term ‘deposit’ in an exclusive manner and enlists 19 transactions which are not treated as deposits. Below is the list of the items that are excluded from the term ‘deposit’ subject to the conditions/ exceptions mentioned thereunder-

    a. Amount received from central government, state government etc;

    b. Amount received from foreign governments/ banks etc;

    c. Amount received as loan from banks, banking companies etc;

    d. Amount received as loan from Private Finance institutions (PFIs), any regional Financial Institutions or insurance companies or scheduled banks;

    e. Amount raised through issuance of commercial paper;

    f. Inter- corporate deposits;

    g. Amount received as subscription money for securities pending allotment;

    h. Amount received from directors/ relative of directors in case of a private company;

    i. Amount raised by issue of secured bonds/ debentures;

    j. Amount raised through issuance of unsecured listed NCDs;

    k. Non-interest bearing security deposit received from employees;

    l. Non-interest bearing amount held in trust;

    m. Advance from customers;

    n. Amount brought by the promoters;

    o. Any amount accepted by a Nidhi;

    p. Any amount received by way of subscription in respect of a chit;

    q. Any amount received by the company under any collective investment scheme;

    r. Amount received by start- up company by way of convertible note;

    s. Amount received from Alternate Investment Funds (AIFs), venture capital funds (VCFs) real estate investment trusts (REITs), etc.

    Applicability of Return of Deposits

    All private limited companiesOPC, public limited companies would be required to file Form DPT-3.

    Provided that nothing in this Section shall apply to—

    i. A holding Company or a subsidiary company;

    ii. A Company registered under Section 8; or

    iii. A Company or body corporate governed by any special Act;

    DPT-3 Due Date

    The Companies (Acceptance of Deposits) Amendment Rules, 2019 has mentioned that all companies would be required to file Form DPT-3 one-time on or before the 22nd of April 2019.  The company must provide details of outstanding receipt of money or loan when they  filing return but not considered as deposits from 1st April 2014 upto 22nd January 2019.

    Understanding the Effect of Amendment in Tabular Format

    Relevant Amendment Applicable to Type of Return Due Date
    Explanation to rule 16 Every company other than Government Company Return of deposit or particulars of the transactions not considered as a deposit or both On or before 30th June of the preceding 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 ( rule 2 (1) (c)) On or before 22nd April 2019

    What will be the consequences for non- reporting?

    → 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

    On the Company:-A fine of minimum INR. 1 crore or twice the amount of deposit so accepted, whichever is lower, which may extend to INR.10 crore; and
    On the officers of the CompanyWho is in default: imprisonment up to seven years and with a fine of not less than INR. 25 lakh which may extend to INR.2 crore.



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