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 1st April, 2014 to 31st March, 2019 in form DPT-3 within 90 days from the closure of financial year i.e by 29th June.
What is meant for Deposit?
“Deposit” includes any receipt of money by way of deposit or loan or in any other form, by a company but does not include such categories of amount [Provided in Rule 2(1)C] as may be prescribed in consultation with the RBI.
What are the exempted deposits from Sec. 73 to 76?
The definition of deposit excludes certain transactions from its purview which are given in the Rule 2(1)(C) of the Companies (Acceptance of Deposit Rules), 2014. So, We need to look at Rule 2(1)(C) to see what are the exempted deposits for which this one time DPT-3 is required.
Which Companies need to file One Time DPT-3?
All the Companies which have accepted deposits or loans which are exempted from the provisions of Section 73 to 76 of the Companies Act, 2013 and such deposits and loans are still outstanding as on the date of 31st March, 2019 are required to file this one time return DPT-3 within 90 days from the closure of financial year i.e by 29thJune, 2019.
Which Companies are exempted from reporting requirements?
Government Companies, Banking Companies and NBFCs.
Which period data is required to be filled in one ti me DPT-3?
01st April, 2014 to 31st March, 2019.
What if Company doesn’t have any deposits or exempted deposits as on 31st March, 2019?
Such Companies are not required to file any return even NIL return is not required.
Return filing will be one time or every year?
DPT-3 is now annual compliance by all the companies which has exempted deposits also. Earlier, it was compulsory only for companies which have accepted deposits under Sec 73 to 76.
According to new version of DPT-3, there are 4 purposes mentioned in point no. 3 of the said form:
1. Onetime Return for disclosure of details of outstanding money or loan received by a company but not considered as deposits
2. Return of Deposit
3. Particulars of transactions by a company not considered as deposit as per rule 2 (1) (c) of the Companies (Acceptance of Deposit) Rules, 2014
4. Return of Deposit and Particulars of transactions by a company not considered as deposit
Purpose 1: It is to be filled one time by companies having exempted deposits as per Rule 2(1)(C) of Deposit Rules by 29th June.
Purpose 2: It is annual return of deposit and to be tick marked by companies having only deposit covered under Sec 73 to 76. It is to be filled by 30th June every year.
Purpose 3: It is annual return of exempted deposit and to be tick marked by companies having only exempted deposit covered under Rule 2(1)(C). It is to be filled by 30th June every year.
Purpose 4: It is a combined annual return of deposits as well as exempted deposits and to be tick marked by companies having both deposits under Sec 73 to 76 and exempted deposit covered under Rule 2(1)(C). It is to be filled by 30th June every year.
E.g. 1: ABC Ltd has following balances as on 31st March, 2019
Since all the above are falls on exempted deposits, ABC Ltd has to file 2 DPT-3 this year:
1. One Time DPT-3 by 29thJune – Mentioning Total Exempted Deposits i.e Rs. 1,55,00,000/-One time DPT-3 is asking only aggregate of exempted deposits and not detailed bifurcation of exempted deposits.
2. Annual DPT-3 by 30thJune (selecting purpose 3) – In this form, you need to give detailed bifurcation of your exempted deposits. It is to be filled every year from now.
E.g. 2: ABC Ltd has following balances as on 31st March, 2019
In this case, ABC Ltd has both Deposits and Exempted Deposits; it has to file 2 DPT-3 this year:
1. One Time DPT-3 – Mentioning Total Exempted Deposits i.e 1,55,00,000/-. One time DPT-3 is asking only aggregate of exempted deposits and not detailed bifurcation of exempted deposits.
2. Combined Annual DPT-3 selecting purpose 4 – In this form, you need to give details of both deposits and detailed bifurcation of your exempted deposits.
E.g. 3: ABC Ltd has following balances as on 31st March, 2019
In this case, ABC Ltd has only Deposits, It does not require to file one time DPT-3.
1. DPT-3 selecting purpose 2 – In this form, you need to give details of your deposits.
What will be the consequences for non- reporting?
Section 76A and Rule 21 provides punishment for non compliance with any provisions of the rules.
On the company: A fine of minimum Rs. 1 Crore or twice the amount of deposit so accepted, whichever is lower, which may extend to Rs. 10 Crore; and
On the officers of the Company who is in default: imprisonment upto 7 years and with a fine of not less than Rs. 25 lakh which may extend to Rs. 2 Crore.