Every private and public company in India, excluding government entities, is required to file an Annual Return Deposit in Form DPT-3 with the Ministry of Corporate Affairs (MCA) by June 30th each year. This return must detail deposits, outstanding loans, and any funds received that do not qualify as deposits as of March 31st. The accuracy and compliance of the DPT-3 return are validated through an audit conducted by the company’s auditor.
Understanding DPT-3 Filing
To protect the interests of creditors and depositors, the Central Government, in consultation with the Reserve Bank of India, made amendments to the Companies (Acceptance of Deposits) Rules 2014 through the Companies (Acceptance of Deposits) Amendment Rules 2019. This amendment mandates all companies, except government ones, to file a one-time return in DPT-3 for outstanding receipts of money or loans from April 1, 2014, to March 31, 2019, alongside an annual return.
Who Needs to File DPT-3?
Form DPT-3 applies to various types of companies in India, including:
- Private Limited Companies
- Public Limited Companies
- One Person Companies (OPC)
- Small and Non-Small Companies
Even if a company has received loans from certain entities, it must still file Form DPT-3. This includes loans from:
- Holding Companies: Companies that borrow from their holding entities.
- Subsidiary Companies: Companies obtaining loans from their subsidiaries.
- Associate Companies: Loans received from companies with significant influence over the borrowing company.
Exemptions from Filing DPT-3
Certain companies are exempt from submitting Form DPT-3 under the Acceptance of Deposits Rules of 2014. These include:
- Government Companies: Fully owned and controlled by either the Central or State Government.
- Specified Financial Institutions:
- Banking Companies: Regulated by the Reserve Bank of India (RBI).
- Non-Banking Financial Companies (NBFCs): Registered with the RBI.
- Housing Finance Companies: Registered under the National Housing Bank (NHB).
In exceptional cases, specific companies may be notified by the MCA for exemption.
Applicability of DPT-3
Companies must file the DPT-3 return if they have received:
- Deposits from members or directors
- Loans from third parties
- Advances for goods or services (secured or unsecured)
Form DPT-3 covers various monetary transactions, including:
- Secured Debts: Loans backed by collateral.
- Unsecured Debts: Loans without collateral.
- External Borrowings: Funds sourced from banks or financial institutions.
- Commercial Borrowings: Loans taken for business purposes.
Transactions Excluded from DPT-3
The following transactions do not qualify as deposits for the purposes of DPT-3 filing:
- Share Capital: Funds received for shares.
- Debentures: Loans from investors classified separately.
- Advances on Orders: Payments for confirmed orders.
- Government Receipts: Money from government or foreign sources.
- Loans from Banks: Funds borrowed from banks or financial institutions.
- Inter-Company Loans: Loans between companies.
- Subscription Advances: Payments made for future securities.
- Employee Deposits: Security deposits up to the annual salary of employees.
Required Documentation for DPT-3 Filing
To complete your DPT-3 filing, the following documents are typically required:
- Auditor's Certificate: A verification from the auditor confirming the information in the DPT-3 form.
Optional documents may include:
- Proof of Trust Deed: If a trust holds deposits.
- Instrument Creating Charge: If any security interests are created on assets.
- Details of Liquid Assets: Information on the company’s liquid assets.
- List of Depositors: In some cases, a list of depositors may be required.
How to File DPT-3?
Filing Form DPT-3 is a web-based process through the MCA portal. Here’s a step-by-step guide:
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Visit the MCA Portal: Log into the official MCA website. If you don’t have an account, register as a Business User.
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Access the DPT-3 Webform: Navigate to e-filing services and select Deposit Related Filings to access the DPT-3 Webform.
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Fill Out the Form: Provide necessary details, including the Corporate Identification Number (CIN), email address, business activities, net worth, particulars of charge, and outstanding amounts.
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Submit the Form: After completing the form and attaching required documents, submit it to generate a Service Request Number (SRN) for tracking.
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Affix Digital Signature and Pay Fees: Authenticate with a Digital Signature Certificate (DSC) and pay the required filing fee.
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Receive Acknowledgment: An acknowledgment will be sent to your registered email, confirming the receipt of your DPT-3 filing.
Completing the DPT-3 filing is essential for regulatory compliance and avoiding penalties. For expert guidance and a smooth filing experience, reach out to Compliance Calendar LLP.
DPT-3 Filing Deadline
The deadline for submitting Form DPT-3 is June 30th of each year, covering the financial year ending March 31st. For example, the DPT-3 filing deadline for the financial year 2023-24 would be June 30, 2024.
Penalties for DPT-3 Non-Compliance
Under the Companies Act 2013, penalties for non-compliance with DPT-3 filing requirements include:
- Fine for the Company: Up to ?5,000.
- Fine for Officers in Default: Up to ?5,000 for responsible officers.
- Continuing Contravention Fine: Up to ?500 per day for ongoing violations.
These penalties aim to ensure compliance and uphold regulatory standards.
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