DPT 3

What is Form DPT-3?

DPT-3 form is a one-time return form of loans that has to be filed by a company that has outstanding loans not treated as deposits.

As per the latest Ministry of Corporate Affairs amendments, it is mandatory for all the companies to file a one-time return for the outstanding receipts of money which are the loan of the company. This is however not applicable to Government Companies and is not considered as deposits though.

 

What do Rule DPT -3  talks about?

As per the Ministry of Corporate Affairs amendments, On 22nd January 2019, a new rule was rolled out.

The details as follows

Companies (Acceptance of Deposits) Amendment Rules, 2019

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 22nd January 2019

G.S.R. 42(E).—In exercise of the powers conferred by clause (31) of section 2 and section 73 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 2014, namely:-

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

(2) 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. In the said rules, in rule 16(A), after sub-rule (2), the following sub-rule shall be inserted, namely:- “

(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 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.”.

Who can File it?

All private limited companies, OPC, limited companies, or Section 8 Company have to Complusorily file this form. Government companies are exempted.

 

Who is Applicable to File the DPT-3 Form?

• According to 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.
• Even if the Holding Company or Subsidiary Company or Associate Company obtains the loan then it also has to file the DPT-3 Form
• If the company has not paid the loan before 1st April 2014 which is still continuing then such loans have to be reported to the ROC under the DPT-3 Form.

Due date to File the DPT-3 Form

As per the Companies -Acceptance of Deposits Amendment Rules, 2019, all the companies have to compulsorily file the one-time deposit return in E-form DPT-3 within 90 days from the end of Financial Year

When companies are filing the return, the company has to give all the details about the outstanding receipt of money or debt which are not treated as deposits from 1 April 2014 to 31st March 2019.

The due date for filing

The due date for filing the annual return is 30th June of every year. For example, for FY 2019-20, the due date for DPT-03 is 30th June 2020.

Tenure of return

The one-time return has to be filed for a period starting from 1st April 2014 to 31st March 2019. Therefore, all receipts received in this period and outstanding as of 31st March 2019 had to be reported. The annual return is for the period 1st April 2019 to 31st March 2020. This return will include all amounts outstanding as of date.

Non-Filing of DPT-3

If the company does not oblige to the requirements of DPT-3 and if it still accepts the deposits, then it will face huge consequences

Under Section 73: Heavy penalty of a minimum of 1 crore or twice the number of deposits whichever is lower,  that may extend to Rs. 10 crores 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.