A company that has outstanding loans files a DPT 3 Form. The outstanding loans are not treated as deposits. Except for government firms, all companies registered in India need to file DPT 3 Form.
Who is excluded from return submission?
Filing of DPT 3
What is the Last Date to submit the form of DPT-3 filing?
Documents for submission
Fees for applying DPT 3 form
Sample form of DPT- 3
Consequences of failure to submit DPT – 3 form
Transactions and financial entries that are not considered as deposits
Who is excluded from return submission?
Except a government enterprise, each company must send this return. Also, the following companies are excluded as per Rule 1(3) of the Companies Regulations (Acceptance of Deposits) 2014:
- Company of banking
- Non – banking financial firms
- Housing finance companies that are registered with the National Housing Bank
- Any company registered under paragraph (1) to paragraph 73 of the Law
Filing of DPT 3
Two varieties of DPT 3 filing can include:
- One time return
- Annual return
What is the Last Date to submit the form of DPT-3 filing?
According to the Companies Amendment Rules (Acceptance of Deposits), 2019, all organizations will be required to file the one-time deposit return in the DPT-3 form within 90 days of the end of the fiscal year, obligatorily.
Documents for submission
- Certificate of Auditors
- Trust deed copy
- The contract for insurance deposit, where necessary and in the form specified
- Copy of the charging instrument
- List of custodians-List of custodians and issuing checks that have matured and not yet been cleared
- Liquid asset descriptions
- Optional attachment
Fees for applying DPT 3 form
Fees are payable in compliance with the laws of the Businesses (Registration Offices and Fee).
Sample form of DPT- 3
The DPT-3 sample of the Companies’ Amendment Rules (Acceptance of Deposits) 2019
Consequences of failure to submit DPT – 3 form
If the company does not comply with DPT-3 and fails to accept deposits, the following consequences will apply.
In compliance with Section 73
A minimum ₹ 1 crore penalty or twice as many lower deposits as can be applied to Rs 10 crore
For each of the officers, up to 7 years’ in case of the defaulter and no less than a fine of Rs. 25 lakhs, which can exceed Rs. 2 crores.
In compliance with Article 21
If the infringement persists, a fine of Rs. 500 can be levied on the company and each officer as usual for each day after a mistake has occurred.
Transactions and financial entries that are not considered as deposits
- Any amount that is given due or guaranteed by the government, foreign government / external bank.
- Any amount that any public finance institute, insurance companies or banks obtain as a loan or facility
- Any amount that an enterprise received by any other company.
- Securities subscription and pre-call.
- Any amount obtained at the time of the loan from the director or the relative of the director of the private company.
- Any sums acquired from the employee by the company not to exceed the employee’s annual salary, such as a deposit carrying no interest.
- Any payment that has been received during or for the company’s operation as an advance for the delivery of products or service delivery or a deposit for protection to satisfy the supply of products or service contracts.
- In a single tranche, a startup business earns Rs 25 or more in the form of a convertible bond.
- Sum earned by first-charge issuing guaranteed bonds or debentures; non-convertible debentures not paid the company’s assets.
- Promoters’ unsecured loans.
- Any amount received in respect of Chit in compliance with the Chit Funds Law of 1982 or by way of subscription from Nidhi firm.
- Any sum obtained by an enterprise from the investment collective agreement, alternative investment funds, or SEBI Mutual Funds.