What is DPT 3 form? Filing Process and Document Required for DPT 3

DPT 3 form is a deposit return that businesses must file to report on deposits and/or outstanding loans or money-other-than-deposits receipts. This article will provide you with information on ‘What is DPT 3?’ Documents required for DPT 3 form submission, the Process for Filling out the DPT 3, and other compliance requirements.

Introduction 

Every company other than a government entity must file a one-time return in DPT 3 according to MCA’s announcement dated January 22, 2019. It must also be filed on a yearly basis. As a result, after sub-rule (2) in Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014, a sub-rule (3) was added that reads as follows:

In accordance with clause (c) of sub-rule 1 of rule 2, every firm other than a government corporation must file a one-time refund of outstanding receipts of money or loans by a company that are not considered deposits.

What is DPT 3 Form?

DPT 3 form is a one-time loan return form that must be filed by any company with outstanding loans that are not recognized as deposits.

According to the most recent Ministry of Corporate Affairs (MCA) Amendments, all firms, with the exception of government entities, are required to file a one-time return for outstanding receipts of money that are the company’s loan but are not considered deposits.

Every firm (excluding government companies) is required to file a one-time return for transactions that are not deemed deposits under Rule 16A. As a result, whether you are an OPC (One Person Company) or Small Business, you must file the DPT 3 form.

Applicability for filing  of Form DPT 3

Form DPT 3 must be filed by all public, private limited, and one-person companies that meet any of the following criteria.

• One-time Return for declaration of outstanding money or loans received by a company but not deemed deposits under rule 2(1)(c) of the Companies Rules, 2014.
• Deposit Refunds.
• Details of a company’s transactions that are not deemed deposits under the Companies (Acceptance of Deposit) Rules, 2014.
• Return of Deposits and Particulars of Non-Deposit Transactions by a Company.

Documents required for DPT 3 Form Submission

• Certificate of Auditors.
• Deposit of Insurance Contract, at the time of the requirement.
• a copy of the trust deed deposit.
• The instrument that generates the charge.
• List of depositors – Separate lists for matured deposits and cheques issued but not yet cleared.
• Information on liquid assets.
• Attachments that are optional.

Process for filing of Form DPT 3

Here’s how you file the E-form DPT-3 with the Ministry of Corporate Affairs.

• Gather all the Information

Keep the corporate’s audited records ready and the facts of the total sum outstanding that is received by the corporation but not recognized as deposits.

• Form DPT-3 Downloading

Go to the MCA (Ministry of Corporate Affairs) website and from there download the Form DPT 3.

• Fill all the information

To avoid any clerical or non-clerical errors, fill in all of the required information from the relevant sources. While filling out the DPT–3, keep the following in mind:

1. Select the reason for filing. If you only want to file the DPT–3 form once, go with the first option.

2. Choose between public and private companies.

3. Make sure you fill out all of the required fields.

4. You can skip all of the optional information.

5. Attach any supporting papers, such as an audited financial statement and a certificate from an auditor.

• The signing of Form DPT-3

Recheck the form and sign it with the digital signature when all of the data has been packed in.

• Upload Form DPT-3

After signing it with the director’s digital signatures, upload the form to the MCA website and complete the process.

Non-filing consequences

If the company continues to take deposits notwithstanding the DPT-3 regulations, it will suffer the following consequences:

• A penalty of at least INR 1 crore, or double the amount of deposits, whichever is smaller, may be imposed under Section 73, with a maximum penalty of INR 10 crore.

• Every officer who is in default faces a sentence of up to 7 years in prison and a fine of not less than INR 25 lakhs and up to INR 2 crores.

• Rule 21 imposes a fine of up to INR 5,000 on the firm and each officer in default, plus a fine of INR 500 for each day the default continues.

Companies who do not require to file DPT 3

Certain businesses are exempt from having to file the Form DPT–3. The following is a list of the companies:

• Non-Banking Finance Companies

• Housing Finance Firm

• Banking Companies

The companies listed above do not need to submit because the new law is based on Section 73, which includes the exemptions provided under section 73 of the Companies Act.