KNOW ALL ABOUT DPT-3
On 22nd January 2019, MCA vides its notification notified that every company other than a government Company must file a one-time return in DPT-3. DPT-3 has to be filed annually.
A sub-rule(3) was inserted after the sub-rule (2) in Rule 16A of the Companies Rule i.e Acceptance of Deposits Rule, 2014.
The rule states that;
“Every Company other than a Government Company shall file an annual return of outstanding receipt of money or loan by a company but not considerate as deposits, in terms of clause ( c ) of sub rule 1 of sub rule 2 from the date of 1st April 2014 to 31st March 2019 which is specified in the form DPT-3 within 90days form 31st March along with the fees provided in the Companies Rules,2014.
DPT-3 consists of two varieties, they are:
One time Return
The Objective of the form DPT-3 is to file the information of loans and advances the company has borrowed with the Registrar of Companies at the end of the financial year.
Exemption for the form DPT-3:
As per Rule1(3) of the Companies Rules 2014, the following companies are exempt :
Information to be furnished in the Form DPT-3:
The following particulars to be furnished:
Along with the information following documents to be submitted:
The transaction that is not considered as deposits:
Following Transaction are not considered as deposits
Tenure of Return:
Annual return: Annual return will include all amounts outstanding as of date. The annual return is for the period 1st April 2019 to 31st March 2020.
One-time Return: One-Time Return has to be filed for a period starting from 1st April 2014 to 31st March 2019. All receipts in this period and outstanding as on 31st March 2019 has to be reported.
CONSEQUENCES OF NON- FILING:
If the company does not adhere to the requirements of DPT-3 and keeps accepting deposits then it will face the following consequences
Under Section 73:
A penalty of a minimum of 1 crore or twice the amount of deposits whichever is lower, which may extend to Rs. 10 crore
For every officer who is in default imprisonment up to 7 years and with a fine not less than Rs. 25 lakhs which may extend to Rs. 2 crores.
Under Rule 21:
On the company and every officer in default a fine which may extend up to Rs. 5,000, and where the contravention is a continuing one, a fine of Rs. 500 for every day since the default.
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