DPT-3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.
What is Form DPT-3?
DPT-3 form is a one-time return form of loans that has to be filed by a company that has outstanding loans not treated as deposits.
According to the latest Ministry of Corporate Affairs (MCA) Amendments, it is mandatory for all companies excluding the Government Companies to file a one-time return for the outstanding receipts of money which are loans of the company but are not considered deposits.
MCA vide its notification dated 22nd January 2019 notified that every company other than a government company must file a one time return in DPT 3. It is also required to be filed annually. Accordingly, a sub-rule (3) was inserted after sub-rule (2) in Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014 which reads as follows:
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 01st April, 2014 to 31st March, 2019, as specified in Form DPT-3 within “ninety days from 31st March, 2019” along with a fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.
*The said time period was then amended by issue of General Circular No.05/2019 which stated that the additional fee will be levied after 30 days from the deployment of the form DPT -3 on MCA 21 portal. Therefore, the revised due date was 31st of May 2019. Since then the form must be filed annually.
Legal Provisions for DPT 3 Filing
- Section 73(2), Companies Act: The legal foundation for DPT 3 filing lies in the Companies Act, 2013. Specifically, Section 73(2) of the Act provides the framework for acceptance of deposits by companies, in accordance with the relevant rules issued by the Ministry of Corporate Affairs in consultation with the Reserve Bank of India.
- Section 16, Companies (Acceptance and Deposits) Rules: Rule 16 of the Companies (Acceptance and Deposits) Rules states that every company to which these rules apply, shall on or before the 30th day of June, of every year, file with the Registrar, a return in Form DPT 3 along with the fee as provided in Companies (Registration Offices and Fees) Rules, 2014 and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company in Form DPT 3.
- Section 16A, Companies (Acceptance and Deposits) Rules: Company (Acceptance of Deposits) Amendment Rules, 2020 introduced amendments to the original rules and added new provisions in Rule 16A. The new amendments addressed various aspects of DPT 3 filing.
- One-Time Filing Requirement: The 2020 amendment introduced a one-time filing requirement for outstanding deposits of companies up to the date of the amendment for all financial years since 2014-15. This new provision was added through Clause 3 of Rule 16A.
- Annual Filing of DPT 3: Another significant clarification made by the 2020 amendment was the requirement for companies to file Form DPT 3 on an annual basis for all companies other than Government Companies. This ensures that the RoC has up-to-date information about the deposits accepted by the company every year.
Who is exempt from filing the return?
Every company except a government company must file this return. Additionally, as per Rule 1(3) of the Companies (Acceptance of Deposits) Rules 2014, the following companies are also exempt:
- Banking company
- Non-Banking Financial Company
- A housing finance company registered with National Housing Bank
- Any other company as notified under proviso to subsection (1) to section 73 of the Act
What is the Last Date (Due Date) to File the DPT-3 Form?
As per the Companies (Acceptance of Deposits) Amendment Rules, 2019, all the companies have to compulsorily file the one-time deposit return in E-form DPT-3 within 90 days from the end of the Financial Year.
Note:
| Purpose of Form | Periodicity | Last Date to File |
|---|---|---|
| Return of Deposit & Particular not considered as Deposit Yearly | Yearly | 30th June 2024 for FY 2023-24 |
Filing of DPT 3
DPT-3 may be of two varieties, as follows:
- One time return
- Annual return
Transactions not considered as deposits
- Any amount received from the government or guaranteed by the government, foreign government/foreign bank.
- Any amount received as a loan or facility from any Public Financial Institutions, Insurance Companies or Banks
- Any amount received from a company by a company.
- Subscription to securities and call in advance.
- Any amount received from the director of the company or a relative of the director of the Private company, who held the positions at the time of lending.
- Any amount received by the company from an employee, not exceeding his annual salary under the employee contract such as non-interest bearing security deposit.
- Any amount received in the course of, or for the purposes of, the business of the company as an advance for the supply of goods or provision of services or as a security deposit for the performance of the contract for the supply of goods or provision of services.
- Receipt of Rs 25 lakh or more by a startup company in the form of a convertible note, in a single tranche.
- Amount raised by the issuing secured bonds or debentures with first charge, non-convertible debentures not having a charge on the assets of the company.
- Unsecured loans from promoters.
- Any amount received by the company from Nidhi Company or by way of subscription in respect of chit under the Chit Funds Act, 1982.
- Any amount received by the company from a collective investment scheme, alternate investment funds or mutual funds registered with SEBI.
- Any other amount which is not considered as a deposit under Rule 2(1)(c).
Hence any amount whether secured or unsecured and which is outstanding money or loan not considered as deposits must be reported.
Documents to be submitted
- Auditors certificate
- Copy of Trust deed
- Deposit Insurance contract, wherever applicable and mentioned in the form
- Copy of instrument creating the charge
- List of depositors – List of deposits matured and cheque issued but not yet cleared to be shown separately
- Details of liquid assets
- Optional attachment
Filing fees
Fees shall be payable as per the Companies (Registration Offices and Fees) Rules.
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 minimum 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.
How to File DPT-3?
Procedure for Filing DPT 3:
Visit the MCA Portal & Login:
- Go to the MCA website. This is the official portal for all e-filing and services provided by the Ministry of Corporate Affairs, including the filing of Form DPT-3.
- Log into your account. If you do not have an account, you can create one by registering as a Business User.
Access the DPT-3 Webform:
- Navigate to the Form: Once logged in, go to the main menu, and under the “MCA Services” section, click on “e-filing services.”
- Select Deposit Filings: From the dropdown menu, select “Deposit Related Filings” and then access the DPT-3 Webform. The entire process is conducted online from start to finish.
Fill Out & Submit the Form Online:
Here is the information to be furnished when filing Form DPT-3:
- CIN of the Company: The Corporate Identification Number (CIN) assigned to the company.
- Email ID: The official email address of the company for communication purposes.
- Objects of the Company: A description of the primary business activities or purposes for which the company was established.
- Net Worth of the Company: The net worth of the company as of the most recent financial year-end, typically calculated as total assets minus total liabilities.
- Particulars of Charge (if any): Details of any charges or encumbrances on the company’s assets.
- Total Amount Outstanding as of 31st March 2020: The total outstanding amount of deposits, loans, or other funds as of March 31st, 2020.
- Particulars of Credit Rating: Information on the credit rating of the company, if applicable, including the name of the credit rating agency and the rating assigned.
- Attachments: Attach the necessary documents in digital format to support the details provided in the form. A comprehensive list of required documents is provided in the section above.
FAQs
What is DPT 3 and is it mandatory to file DPT 3?
DPT 3 filing is a mandatory ROC compliance requirement under the Companies Act, 2013. In essence, DPT 3 applicability extends to all companies, except Government companies. It involves submitting Form DPT 3 which is the form for Return on Deposits accepted by a company in a financial year.
What information is included in Form DPT 3?
Form DPT 3 requires companies to provide comprehensive details regarding the deposits they have accepted during a financial year. It includes information such as the total amount of outstanding deposits, the nature of deposits, interest rates, terms and conditions, and the maturity date of each deposit. Additionally, the form also seeks information about any receipts that are not considered as deposits by the company.
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