Who Should File Form DPT 3 and Why?

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Who Should File Form DPT 3 and Why?

Every company requires funds for business operations and activities. Sometimes, a company needs to raise funds for expanding its business or accomplish other business goals. 

In such cases, the companies can raise funds by inviting deposits from its members, directors or the general public. However, in such cases, the companies are required to file the return of deposits using Form DPT 3.

In this article, we will discuss who needs to file form DPT 3 and why.

What is Form DPT 3?

Form DPT 3 is a form introduced by the Ministry of Corporate Affairs under Section 73 of the Companies Act, 2013. This form is used to file a return on deposits accepted during a financial year.

As per Section 2(31) of the Companies Act, deposits are any receipt of money by the way of a deposit, loan or in such other valid forms by a company. It is important to note that this doesn’t include such categories of amount as may be prescribed in the consultation with the RBI. In the further section of this post, we will discuss transactions which are not considered as deposits for Form DPT 3.

Form DPT 3 due date is 30th June of every year. Every company is required to file their annual returns on deposits and any outstanding receipts not considered as deposits in Form DPT 3 along with applicable fees. However, the government-owned companies are not required to file the DPT 3 form. 

The purpose of filing the Form DPT 3 is to notify the Registrar of Companies (ROC) regarding all the deposits and outstanding receipts for a particular year.

Format of Form DPT 3

Which period loans are required to be mentioned in the Form DPT 3?

According to the Companies (Acceptance of Deposits) Amendment Rules 2019 dated 22nd Jan 2019, DPT 3 form shall be filed for outstanding loan and receipt of money (not being deposits) starting from 1st April, 2014.

If there’s no outstanding loan, does form DPT 3 still need to be filed?

No. If there’s no outstanding receipt of loan or money left, form DPT 3 mustn’t be filed.

What is the Applicability for filing form DPT 3?

As per the rule 16A, the filing of form DPT 3 should be done by all companies who have received money and the loan which is due. All the companies including small, private and OPC companies must file this form. As mentioned earlier, government-owned companies do not need to file form DPT 3. In the DPT 3 form, both secured and unsecured loans along with advances for goods and services must be filed.

Form DPT 3 must be filed even when the loan is obtained by the holding company, associate company or subsidiary company. If a company hasn’t made full loan payment before 1st April 2024 and the loan is still continuing, the loan must be reported under DPT 3 form to the Registrar of Companies (ROC).

The filing of DPT 3 form isn’t needed if the company doesn’t have any loan till 22nd January, 2019. If the company takes a loan after 1st April, 2022 or pays it before 22nd, 2019 and there’s no record of any outstanding loan, then filing of DPT 3 form isn’t required by such a company.

Why was Form DPT-3 introduced by MCA?

Form DPT 3 was introduced by MCA to develop a one-time return, which would disclose or allow the company to declare the receipts considered as deposits and for receipts not considered as deposits referring to the legal provisions of the Companies Act 2013. 

Which Transactions are not Considered Deposits?

The following transactions are not considered as deposits for form DPT 3 filing:

• Any amount which has been received as a loan/facility from Public Financial Institution/Insurance Company/Bank.
• Any amount which has been received from the government or guaranteed by the Central Government or Foreign Government/Bank.
• Any sum which a company receives from another company.
• Subscription for securities and the cash received as an advance for call-in.
• Any sum received from the private company's director or a relative of the director who held that position at the time of lending.
• Any sum that an employee gives the business that does not exceed his yearly pay as stated in his employment contract, such as a security deposit that is not interest-bearing. 
• Any monetary payment or other sum received for the purpose of the company's operations as a security deposit or as an advance payment for the sale of goods or the rendering of services, or for carrying out the terms of the contract for the supply of goods or the rendering of services. 
• Receipt of Rs. 25 lakh or above by a startup in the form of a convertible note in a single tranche (group of securities).
• Amount raised through issuance of secured bonds, debentures with first charge or non convertible debentures not having a charge on the company’s assets.
• Unsecured loans provided by promoters.
• Monetary payment received by the company from a nidhi company or through a manner of subscription in respect of chit made under 1982’s Chit Funds Act.
• Any amount which a company receives from a collective investment scheme, alternate investment funds or mutual funds that are registered with SEBI.
• Any other amount which isn’t considered a deposit according to Rule 2(1)(c).

What Details need to be Furnished in Form DPT-3?

The company must furnish the following details in DPT 3 Form:

• 21-Digit Corporate Identification Number (CIN) of the Company
  Email ID
• Company’s objects
• Company’s net worth
• Particulars regarding the creation charge, if any
• The total amount outstanding (as of 31st March)
• Credit rating particulars

What is the filing fee for Form DPT 3?

The fee for filing DPT 3 form shall be payable in accordance with the Companies (Registration Offices and Fees) Rules 2014. 

If the company does not have a share capital, then the fee applicable is Rs. 200 for DPT 3 form. However, if the company has a share capital, then the fee applicable is as represented in the table below.

What is the penalty for late filing of DPT 3 Form?

DPT-3 penalty for late filing is as follows:

Conclusion

Filing the DPT 3 Form is a mandatory requirement for companies. The companies must furnish all the necessary details about deposits and/or outstanding receipt of loan or money. By filing DPT 3 form on time, companies can avoid penalty or late fee. This form must be filed every year on or before 30th June. If you need our assistance in filing DPT 3 form, we will be glad to assist you.

Frequently Asked Questions (FAQs)

Q1. What do you mean by DPT-3 filing?

A. DPT-3 is an e-form. DPT 3 filing refers to the filing of this e-form with the Registrar of Companies (ROC). All the important information regarding outstanding loans, deposits and other specified transactions by a company must be disclosed at the time of DPT 3 filing.

Q2. Who is required to file the DPT-3 to the MCA?

A. The form DPT 3 must be filed to the MCA by all the companies except the government-owned companies.

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