DPT-3: Return of Deposits
It is mandatory for all registered companies to file Form DPT-3: Return of Deposits. Get Return of Deposits DPT-3 with Filecrat expert assistance.
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DPT-3: Return of Deposits
It is mandatory for all registered companies, irrespective of its size or any other category, to file Form DPT-3: Return of Deposits. It was introduced to safeguard the interest of deposit holders and creditors of the Company. Further, it is required to be filed by every company other than a government company.
Applicability of Return of Deposits
Every Company registered in India except Government Companies having outstanding balance of Company Deposits is required to file return of deposits in Form DPT-3.
All of the following companies are required to file DPT-3:
Due Date of filing Form DPT-3
Every company to which these rules apply, shall on or before 30th June For DPT-3 for filing annual return. Fees shall be paid as prescribed and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company.
Consequences of non-filing
In the situations when the company does not adhere to the requirements of DPT 3 and keeps accepting deposits then it will face the following consequences:
- A penalty of minimum INR 1 Cr. or twice the amount of deposits, whichever is lower, which may extend to INR 10 Cr.
- Every officer who is in default shall get imprisonment for a period of 7 years along with a fine of not less than INR 25 lakhs which may extend to INR 2 Cr.
- On the company and every officer in default a fine which may extend up to Rs. 5000, and where the contravention is a continuing one, a fine of Rs. 500 for every day since the default.
What is not considered a Deposit?
Deposit includes any receipt of money by way of deposit or loan or in any other form by a company. However, deposit does not include the following:
- Any amount received from Central Government/ State Government/ Local authority or statutory authority under an Act of parliament or state legislature including any amount received from any other source but whose payment is guaranteed by the Government.
- Any amount received from Foreign Governments, foreign international banks, financial Institutions, agencies, foreign body corporate, and foreign citizens.
- Any amount received as a loan or facility from any banking company including co-operative banks.
- Any amount received as a loan or financial assistance from Public Financial Institutions, Insurance companies.
- Any amount received against issue of commercial paper or any other instrument issued in accordance with RBI guidelines.
- Any amount received by a Company from any other company.
- Any amount received and held pursuant to an offer made for subscription to any securities. However, if the securities for which the application money or advance was received cannot be allotted within 60 days from the date of receipt of application money and advance/ application money is not refunded within 15 days from the completion of 60 days, then such amount shall be treated as deposit.
- Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of a private company.
- Any amount raised by the issue of bonds or debentures secured by first charge on any asset referred to in Schedule III (Excluding Intangible Asset) or compulsorily convertible into shares of the company within 10 years.
- Any amount raised by issue of non-convertible unsecured debentures and listed on a recognized stock exchange as per the applicable regulations made by SEBI.
- Any amount received from an employee not exceeding his annual salary, under a contract of employment with the company in the nature of non-interest bearing security deposits,
- Any non-interest bearing amount received and held in trust.
- Any amount brought in by promoters (or relatives of promoters) of the company by way of unsecured loan in pursuance of the stipulation of any lending financial Institution or bank.
- Any amount accepted by Nidhi Company in accordance with the rules made under Section 406 of the Act.
- Any amount received by way of subscription in respect of a chit under the Chit Fund Act.
- Any amount received by the company under any Collective Investment Scheme in compliance with regulations framed by the SEBI.
- Any amount of 25 Lakhs or more received by a Startup Company, by way of convertible note (convertible into equity or repayable within 5 years from the date of issue) in a single tranche, from a person.
- Any amount received by the company from Alternate Investment Funds, Domestic Venture Capital Funds, Infrastructure Investment Trust and Mutual Funds registered with the SEBI.
- For companies with total liabilities below 50 lakhs
- Filing of DPT-3
- Consultation with our Expert
- MoA and AoA of the Company
- Audited financial statements of the company
- Details and Particulars of charge, if any
- Particulars of credit rating
- Details of amount in current or other deposits account, free from charge or lien
- Questionnaire sent after analysis of your Audited Financials
Yes, an Auditor Certificate is required for the outstanding amount of money or loan, which was received after 1st April 2014 and are outstanding as on 31st March 2019. It is a mandatory attachment mentioned in the DPT-3 Annual Return form.
According to the rules, if the company does not have any outstanding loans and also does not accepts any type of deposits or loan, then there is no need to file Form DPT-3 for such company.
As per the rules, every company (other than Government Company) is required to file DPT-3 mentioning all details of each and every loan received. Hence, even if loans are received from holding, subsidiary and associate company, Form DPT-3 is required to be filed.
As per the rules, ECB details are also to be included in Form DPT-3 as each and every loan received by the company is to be mentioned in Form DPT-3.
Yes, both secured and unsecured loans are covered in Form DPT-3.
Yes, loan received from NBFC is required to be disclosed in the form in loans from other company category.
In case, the object clause in Form DPT-3 is not as per MOA, then company is required to file Form MGT-14 for alteration of its object clause.
Nil return is not mandatory to file in Form DPT-3.
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:
- Banking company
- Non-Banking Financial Company
- A housing finance company registered with National Housing Bank
- Any other company as notified under proviso to subsection (1) to section 73 of the Act