The most crucial step taken by the Central Government in collaboration with the RBI, i.e. Reserve Bank of India, was to introduce an amendment to the Companies (Acceptance and Deposit) Rules of 2014 with the Amendment Rules of 2019. This requires a company to file for Form DPT-3 to give details about the amounts of the deposits and the other receipts for the loans or the capital that stands out other than the amount of money. If you want to know about this form more, make sure to read this document till its line line.It will give you all the clarity that you should have with respect to the DPT-3 Form (MCA).
Detailed Understanding of DPT-3 Form (MCA)
Rule 16A of the Companies Rules 2014 regarding acceptance of deposits provides that each company other than the company established by the government should file for the on-time return of the receipt of money, which is made in the form and in the form of deposits. Clause ( c), which is under sub-rule 1 of rule 2, wasmade from 1st April 2014 to 31st March 2019 and is in the form of DPT-3. This is to be made from 31st March 2019, and fees are to be submitted under the Companies rules under 2014.
This period was further updated through the General Circular No.05 of 2019 and requires other fees which can be further levied under 30 days. This has to be made under the submission of the DPT–3 form under the MCA 21 Portal. The date was further revised to 31st May 2019, hence the form is to be filled annually.
Eligible Companies for the Filing of Form DPT-3 (MCA)
The below-mentioned are the eligible companies that can file for Form DPT-3 online in India through MCA:
- Private Limited Companies
- Public Limited Companies
- One Person Companies
- Small and Non-Small Companies
The companies that have received loans from entities and must file for Form DPT-3 include the following:
- Holding Company: A Company that acquired to take from the holding company or has a controlling stake and is necessary to file for Form DPT-3.
- Subsidiary Company: Any capital which is taken from the subsidiary company, which is controlled by the borrowing company should file for Form DPT-3.
- Associate Company: A company that has received capital made towards the entity for the DPT-3 is necessary.
Exempted Companies from Filing of Form DPT-3 (MCA)
This form is to be filed by every other company except the government. Rule 1(3) of the Companies Rules 2014 regarding acceptance of deposits is to be further exempted, the below mentioned are the companies are further provided exemption:
- Banking Company
- Non-Banking Financial Company
- A Finance housing Company which is registered under the National Housing Bank
- Any other company under the provision of Subsection (1) towards section 73
Applicability of Form DPT-3 in India
The below-mentioned are the applicable companies to file the DPT-3 if they received the following:
- The deposits which are made by the member or by the directors.
- The capital is received from third parties.
- Any contributions made for the goods and services.
The below mentioned are the types of money or the debts for which Form DPT-3 stands applicable:
- Secured Debts: These are loans that are further backed by collateral security.
- Unsecured Debts: This includes loans and debts that are not attached to security.
- External Borrowing: The debts and other resources that are borrowed, including those from financial institutions and banks.
- Commercial Borrowing: This includes the loans and the debt which are made through borrowings towards the external sources
Methods of Filing Form DPT-3 (MCA) Online in India
There are two ways to file Form DPT-3 (MCA) online in India. These two ways are given below:
One Time Return
This requires further reports of information made from April 1, 2024, to the recent date for the last financial year. It has to be filed for all the companies except the government companies which stand 90 days from the end of the financial year up.
Annual Return
The purpose stands to report for the capital which is made under March 31st of every financial year. This has to be filed for all the companies except the government companies. The due date is June 30th of every financial year.
Transactions Not Deposits for Filing of Form DPT-3
This includes the transactions which are not a form of deposits in order to file Form DPT-3 (MCA):
- The capital is received from the government or which is provided by the foreign government and foreign banks.
- Any of the amounts that are further acquired in a form towards financial institutions and insurance companies or banks.
- The amount received from the company which is made by the company.
- Any form of subscription towards the securities.
- The amount is received from the director of the company and the relative of the director of a private company.
- Any form of the amount is received from the employee whose salary does not exceed the annual salary which is made under the contract of the non-interest for bearing security deposits.
- The amount is received for business purposes in the form of the provisions of the services and another form of security deposit. The deposits made for the performance of the contract and the other resources of the goods and services.
- Any form of receipt is made for 25 lakhs or above for the startup of the company by giving convertible notes in the form of a single tranche.
- The amount is further raised by the form of debenture of the first non-convertible debentures.
- Any capital that is received towards a company by Nidhi Company in the form of a subscription is made under the Chit Funds Act of 1982.
- The amount is received by a company through the collective investment schemes in the form of alternative investment funds, which are registered through SEBI.
- Any other capital amount which is not considered a deposit under Rule 2(1)(c).
Due Date and Tenure for Return of Form DPT-3
The due date for the annual return can be made 30th of June every year. Let’s say the financial year 2019-20 so the due date for the DPT-3 stands out to be June 30th 2020. The aspect for the one-time return has to be filed for a period which starts from 1st April. This includes all the receipts which are received under this period until it is reported by 31st March 2019.
Essential Documents for Filing of Form DPT-3 (MCA)
The below mentioned are the important documents which are to be submitted:
- The Certificate of Auditor
- A copy of the Trust Deed
- To deposit the insurance certificate
- Instrument charge
- To submit the list of depositors that includes cheques
- Other optional attachments
Penalty for Non-Filing of Form DPT-3 (MCA)
Every company has to file for DT-3 and should not keep accepting the deposits, or else it will face the consequences mentioned below:
Section 73
This imposes a penalty of a minimum of 1 crore or twice the amount, whichever is lower; this further extends up to Rs 10 Crore. The officer who is under imprisonment for up to 7 years has to pay a fine of not less than Rs. 25 lakhs and be further extended up to Rs. 2 crore.
Rule 21
The company and the officer who stands in default so that the fine may reach up to Rs. 5000 and if the offence is continuing then the fine stands for Rs. 500 from the day under which the default was made. Hence it is important that a NIL return be filed and to take the benefits that come with filing the NIL return.
How do you file DPT-3 online in India?
The below mentioned provides for the important steps through which one can file for the DPT-3 online:
- To visit the MCA portal, log in.
- Click on the e-filing services.
- Click on deposit-related filing.
- Provide (CIN of the company, email, MOU, net worth, particulars of charge, total amount made under 31st March 2020, Particulars of Credit Rating and other attachments).
- Make the final submission to further generate SRN.
- Affix for the digital signature.
- Make the payment of the fees.
- Receive the acknowledgement mail.
Conclusion
When it comes to Form DPT-3, companies should comply with MCA regulations, which is only possible through the timely and accurate submission of the mentioned forms through MCA. It is important to comply with Form DPT-3 (MCA) in order to save businesses against heavy fines and penalties. By filing this form with the help of a professional, one can reduce errors and penalties and run smooth business operations. Proper compliance refers to the proper filing of updates, during which one can make proper business operations and perform accurate financial management.
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