Ministry of the Corporate Affairs vide notification dated January 22, 20219 inserted the Explanation under rule 16 of the Companies (Acceptance of Deposits) Rules, 2014. This clarified that every company other than the Government Company required to file form DPT-3 on an annual basis for those transactions which are not considered as deposits i.e. for exempted Deposits.
As per section 2 (31) of the companies act 2013:
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 as may be prescribed in consultation with the Reserve Bank of India;
The above definition is inclusive definition, which means that any amount received by the company in any form whether as a loan, advance or anything shall be considered as deposit except to those transactions as may prescribed by the Central Government with the consultation of Reserve Bank of India.
The Central government in Rule 2(1)(c) the Companies (Acceptance of Deposits) Rules, 2014 prescribed 18 category of transactions which shall not be considered as deposit and apart from those, every receipt of money will be consider as deposit.
|Deposit||any receipt of money by way of deposit or loan or in any other form except those transactions which are prescribed under Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014|
|Exempted-Deposit||any receipt of money as prescribed under Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014|
Filling of form DPT-3 is applicable for receipt of money by the company in any form whether such money is considered as Deposits or Exempted-Deposits because receipt of money in any form will be considered either as Deposits or Exempted-Deposits and requirement for filing of form DPT-3 is applicable for both Deposits as well as Exempted-Deposits and the exempted deposit covered receipt of money in form of advance from customer(s), advance against immovable property and many more.
|Filing of DPT-3 is applicable for those companies which receipt on money in any form (i.e. Loan, advance, deposits, or anything in any form of money) and which is outstanding as on 31st March.|
Following category of illustrative transactions will considered as Exempted-Deposits as prescribed under Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014
So the above list clarifies that filing of form DPT-3 is not applicable only for those companies who receipt deposits and/or loan only. The above kinds of any amount outstanding on March 31 also mandate to file DPT-3.
The last date of closing of accounts will be March 31, 2021 for the financial year 2020-21 and so on.
Net worth of the preceding audited financial year shall be entered i.e. for the DPT-3 March 2021, Net worth of March 31, 2020 shall be taken.
Section 76A & Rule 21 of the Companies (Acceptance of Deposits) Rules, 2014 deal with the penal provisions. The language of the section 76A as follow:
Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76 or rules made thereunder or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the Tribunal under section 73,-………
The above provision only prescribed penal consequence for non- compliance w.r.t. deposit not for exempted deposit. It means mere non-filing of Form DPT-3 will not come under the penal provisions of section 76A.
Rule 21 is as follows:
If any company referred to in sub-section (2) of section 73 or any eligible company inviting deposits or any other person contravenes any provision of these rules for which no punishment is provided in the Act,
As the consequence of non-filing of DPT-3 is not prescribed anywhere therefor, penal provisions of rule 21 will be applicable for non-filing of Form DPT-3 which is as below:
shall be punishable with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first day during which the contravention continues.
1. Acceptance of money from the shareholder(s) of the company will be considered as Exempted-Deposit?
2. In which point of DPT-3 loan from Non-Banking Financial Companies (NBFCs) will cover?
3. Companies are exempted from filing of form DPT-3.
4. Whether NIL return is required to file?
5. Detailed of Net worth as required in point 8 of DPT-3, in case the company has audited financial statement for the current financial year,
6. In case of newly incorporated company what should be required to mention in the net worth point because there is non-availability of previous year financial statement. Or the company is closing its financial year first time.
Filing of form DPT-3 is not only for the loan and/or deposit, it is much more beyond that. The Basic concept of filing of Form DPT-3 is receipt of money in any form, which is require for repayment/adjustment and outstanding on 31 March.
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