DPT 3 – One Time Return & Annual Return- Comprehensive analysis

MCA vide its notification dated 22^nd January, 2019, notified Companies (Acceptance of Deposits), Amendment Rules, 2019 in which following key amendments were made:

1. The following explanation shall be inserted in rule 16:-

“It is hereby clarified that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company.”

2. The following sub-rule (3) shall be inserted after rule 16(A)(2):

“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 1^st April, 2014 to the date of publication of this notification in the Official Gazette(i.e. 22^nd January, 2019), as specified in Form DPT-3 within 90 days from the date of said publication of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.”

Although MCA again vide its general circular 05/2019 dated 12^th April, 2019, clarified that data on deposit should be filed upto 31^st March 2019 (as opposed to 22^nd January, 2019 which was originally indicated in said rule).

Therefore, every company other than Government Company to which these rules apply shall file following Forms with the Registrar.

1. Rule 16: Return of deposits to be filed with the Registrar: an annual return in Form DPT-3 shall be filed as return of deposit or particulars of transaction not considered as deposit or both and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company.

2. Rule 16(A) (3): 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 1^st April, 2014 to 31^st March 2019, shall be filed as specified in Form DPT-3 within ninety (90) days from 31^st March 2019.

FORM DPT-3 : ONE TIME RETURN

Which Companies need to file One Time DPT-3?

Every Company other than Government Company, having outstanding balance as on 31^st March 2019 of Money or loan received but not considered as deposits in terms of Rule 2(1)(c’) of Companies Acceptance and Deposit Rules or in simple way, amount received but not considered as deposit by virtue of exemption defined in Rule 2(1)(c’) of Companies Acceptance and Deposit Rules shall file one time return in Form DPT-3.

Last date of filing Form: 

Form (One Time Return) is required to be filed within 90 days of 31-03-2019 which means the stakeholders have time to file the said Form up to 29-06-2019, Form can also be filed beyond this date with applicable late fee / additional fees, as provided under the Companies (Registration Offices and Fees) Rules, 2014

Filing Fees:  Fees shall be payable as per the Companies (Registration Offices and Fees) Rules, 2014

Information Required in Form DPT 3 (One Time Return)

1. Company’s Basic Information (Prefilled based on CIN)

2. Object of Company

3. Particulars of Charge, i.e. Date of Trust Deed, Trustee, Property detail and value, if any.

4. Net worth of Company as per latest audited Balance Sheet preceding the date of Return.

5. Total Amount of outstanding money or loan received by a company but not considered as deposit in terms of rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 as specified in rule 16(A)(3)

6. Detail of credit rating obtained, if any.

Attachment to Form (One Time Return):

There is no mandatory attachment to Form DPT-3 (One time return).

CONCEPT OF DEPOSITS / LOAN & RECEIPTS OTHER THAN DEPOSITS

Which type of Loans, Advances, Securities (other than deposits) are required to be reported in Form DPT-3 (One Time Return)

Outstanding receipt of Money and Loan, not considered as deposits, from 1st April 2014 to 31st March, 2019 is required to be reported in e-form DPT-3 or in the simple words any loan/ receipt covered in the list of exceptions provided in the definition of ‘Deposit’ as per rule 2(1)(c ) has to be reported in this form.

As per Rule 2(1)(C’) of Companies (Acceptance of Deposits) Rules, 2014 ‘Deposit’ includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include –

1. any amount received / guaranteed from the Central Government or a State Government, or any amount received from a local authority, or any amount received from a statutory authority constituted under an Act of Parliament or a State Legislature ;

2. any amount received from foreign Governments, foreign or international banks, multilateral financial institutions, foreign Governments owned development financial institutions, foreign export credit agencies, foreign collaborators, foreign bodies corporate and foreign citizens, foreign authorities or persons resident outside India subject to the provisions of Foreign Exchange Management Act, 1999 (42 of 1999) and rules and regulations made there under;

3. any amount received as a loan or facility from any bank/banking company;

4. any amount received as a loan or financial assistance from Public Financial Institutions;

5. any amount received against issue of commercial paper or any other instruments issued in accordance with the guidelines or notification issued by the Reserve Bank of India;

6. any amount received by a company from any other company;

7. any amount received and held pursuant to an offer made towards subscription to any securities, including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of the securities applied for subject to other proviso’s.

8. any amount received from a person who, at the time of the receipt of the amount, was a director of the company: Provided that the director from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others;

9. any amount raised by the issue of bonds or debentures subject to other provisions/ rules.

10. any amount received from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of noninterest bearing security deposit;

11. any non-interest bearing amount received or held in trust;

12. any amount received in the course of, or for the purposes of, the business of the company, subject to other conditions:

• • as an advance for the supply of goods or provision of services for maximum of 365 Days from the date of acceptance of such advance except where any legal proceedings before any court of law;
  • as advance, accounted for in any manner whatsoever, received in connection with consideration for property under an agreement or arrangement, provided that such advance is adjusted against the property in accordance with the terms of agreement or arrangement;
  • as security deposit for the performance of the contract for supply of goods or provision of services;
  • as advance received under long term projects for supply of capital goods except those covered under item (b) above:

13.   any amount brought in by the promoters of the company by way of unsecured loan in pursuance of the stipulation of any lending financial institution or a bank subject to fulfillment of the other conditions;

14.   any amount accepted by a Nidhi company in accordance with the rules made under section 406 of the Act.

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