1. Introduction on filling of DPT-3
(i) MCA has notified the Companies (Acceptance of Deposits) Amendment Rules, 2019. These are applicable from 22nd January, 2019.
(ii) Deposits to includes:-
- Any receipt of money by a company by way of deposits, loans or in any other form or mode.
2. Deposits not to Include (exempted deposit):-
(a) An advance received by a company for the supply of goods or provision of services and such advance is not appropriated against supply of goods or provision of services within a period of 365 days but the matter is pending for the legal proceedings before any court of law, the said time limit of 365 days shall not apply.
(b) An advance received by a company in connection with consideration for an immovable property under an agreement or arrangement, provided that such advance is also adjusted against such property in accordance with the terms of agreement or arrangement beside adjusted beyond 365 days.
(c) Security Deposits received by a company for the performance of the contract for supply of goods or provision of services.
(d) Advance received by a company under long term projects for Supply of Capital Goods except those already covered under item (b) above:
(e) Any amount received by a company from foreign Governments, foreign or international banks and multilateral financial institutions.
(f) Any amount received by a company from the Central Government or a State Government, or any amount received from any other source whose repayment is guaranteed by the Central Government or a State Government
(g) Any amount received by a company as a loan or facility from any banking company or from the State Bank of India or any of its subsidiary banks or from a banking institution notified by the Central Government
(h) Any amount received by a company as a loan or financial assistance from Public Financial Institutions
(i) Any amount received by a company against issue of commercial paper or any other instruments issued in accordance with the guidelines or notification issued by the Reserve Bank of India.
(j) Any amount received by a company from any other company which is commonly known as Inter corporate deposits.
(k) Any amount received by a company against 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 securities applied for.
(l) Any amount received by a company from a person who at the time of the receipt of the amount was a director of the company or the relative of the director of a private limited company
(m) (ma) Any amount received by a company against issue of bonds or debentures as Secured by a first charge or a charge ranking pari passu with the first charge on any assets referred to in Schedule III of the Act excluding intangible assets of the company.
(mb) Any amount received by a company against bonds or debentures compulsorily convertible into shares of the company within 10 years.
(n) Any amount received by a company against issue of non-convertible debentures not constituting a charge on the assets of the company and listed on recognized stock exchange as per applicable regulations made by Securities and Exchange Board of India.
(o) Any amount received by a company from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of non-interest bearing security deposit.
(p) Any amount received by a company as non-interest bearing amount received and held as trustee
(q) Any amount received for the business of the company:-
(qa) Any amount received by a company as an advance towards consideration for providing future services in the form of a warranty or maintenance contract as per written agreement, if the period for providing such services does not exceed the period prevalent as per common business practice or 5 years, from the date of acceptance of such service whichever is less.
(qb) Any amount received by a company as advance received and allowed by any sectorial regulator or in accordance with directions of Central or State Government.
(qc) Any amount received by a company as an advance for subscription against publication, whether in print or electronic to be adjusted against receipt of such publications.
(r) Any amount received by a company amount from promoters of the company by way of unsecured loans in pursuance of the stipulation of any lending financial institution or a bank.
(s) Any amount received by a Nidhi company in accordance with the rules made under section 406 of the Act.
(t) Any amount received by a company against subscription for chit under the Chit Funds Act, 1982(4 of 1982).
(u) Any amount received by company under any collective Investment scheme in compliance with regulations framed by the Securities and Exchange Board of India.
(v) Any amount of 25 lakh rupees or more received by a startup company, by way of convertible note (convertible into equity shares or repayable within a period not exceeding 5 years from the date of issue) in a single tranche, from a person.
(w) Any amount received by a company :-
(wa) Alternate Investment Funds
(wb)Domestic venture Capital Funds
(wc) Infrastructure Investments Trusts
(wd) Real Estate Investment Trusts
(we) Mutual Funds registered with the Securities and Exchange Board of India
(x) Loans or Deposits by a Private Limited Company :-
(xa) Directors from its OWN Funds
(xb) Relative of the Directors from its own Funds
(xc) Shareholders up to 100% of Paid up Share Capital + Free Reserves + Security Premium Account
3. Mandatory conditions to include :-
(a) Form DPT-3 is to be used by a company for filing return of the deposits and for not consider as deposits or both for the year ending on March 31st. This DPT-3 is to be filed up to June 30th every year.
(b) Form DPT-3 is not to be used where no deposits and also not consider as deposits as on March 31st.
4. Deemed Deposits to include:-
- Any amount received by a company for the business advance for the supply of goods or provision of services where such advance is not appropriated (adjusted) against supply of goods or provision of services within 365 days.
5. Non Filling of DPT-3 permitted :-
(i) By Government companies
(ii) By Banking companies (Banks)
(iii) By Non-banking financial companies (NBFC) as already registered with the RBI
(iv) By Housing finance companies (HPC) as already registered with the NHB as established under the National Housing Bank Act, 1987
6. Information’s to include for filling the DPT-3 under Rule 16A :-
(i) All outstanding receipt of deposits and not consider as deposits as on March 31st.
(ii) Net Worth as per the latest audited balance sheet preceding to the date of return
(iii) Form DPT-3 is a dynamic form and as to be work on the basis of radio button selected by the
(iv) Statutory Auditor’s certificate is mandatory along with DPT-3 where return of deposits is filed with radio button 2 or 4 is selected.
(v) Form DPT-3 is not required to be certified by the professionals like CA or CS
(vi) Form DPT-3 is not STP form. Hence filed DPT-3 is to be approved by the ROC.
(vii) Amount of Deposits is to be filled along with interest as on March 31.
7. Important Clarification’s and Penal Provisions for Delay or not Filing of DPT-3
(i) Statutory Auditor certificate is not required for one time return of deposits DPT-3.
(ii) Onetime and annual returns are not required to file where NIL deposits.
(iii) Radio button Number. 4 is to be used for loans or Deposits from directors and Shareholders by private limited companies which are treated as not included for the purpose of treating as deposits.
(iv) Additional fee for delay filing of DPT-3 will be levy from 2 times to 12 times of the normal filing fee for delay from 30 days to beyond 180 days respectively.
(v) Penalty for not filing DPT-3 will be rupees 5,000 as one time and also rupees 500 per day for continuity of contravention on company and every responsible officer both under DPT-3 Rules 21 for punishment for not filing.
(Author can be reached at email address satishagarwal307@yahoo.com or on Mobile No. 9811081957)
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