What is DPT 3, Filing of Form DPT 3, Process for Filling of Form DPT 3, Form DPT 3, Ebizfiling

A complete guide on “What is DPT 3?” And Process for filing DPT3

What is DPT 3? Process for Filing of Form DPT 3, Documents required, and FAQs on Form DPT 3

DPT 3 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 Form DPT 3 submission, the Process for Filling of Form 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?

DPT-3 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.

Companies who do not require to file Form 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.

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 Form DPT 3 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 form, 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.

FAQs on Form DPT 3

1. What is the Due date for filing of Form DPT 3?

The Due date for filing form DPT 3 is 30th June of every year.

2. What information do I need to provide in Form DPT 3?

The firm’s CIN (Corporate Identification Number), email address, objects, net worth, charge details if applicable, total amount payable as of March 31, and credit rating details are among the details to be submitted.

3. What is DPT-3’s purpose?

Every company, with the exception of government companies, uses it to provide deposits or particulars of transactions that are not considered deposits or both.

4. Do I need to file DPT-3 twice, once for declaration and once for periodic or every year filing if I have an unpaid loan solely for the current fiscal year?

DPT-3 can only be provided once by the company. If this is a company’s first time submitting DPT-3, it can file a Return for the current fiscal year. If the corporation has any unpaid loans starting the next year, the company must file a DPT-3 annual return by June 30th.

About Ebizfiling -

EbizFiling is a concept that emerged with the progressive and intellectual mindset of like-minded people. It aims at delivering the end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad in all the best possible ways.
 
To know more about our services and for a free consultation, get in touch with our team on  info@ebizfiling.com or call 9643203209.
 
Ebizfiling

Author: zarana-mehta

Zarana Mehta is an MBA in Finance from Gujarat Technology University. Though having a masters degree in Business Administration, her upbeat and optimistic approach for changes led her to pursue her passion i.e. Creative writing. She is currently working as Content Writer at Ebizfiling.

Follow Author

Leave a Reply

Your email address will not be published. Required fields are marked *

Reviews

  • Client Review, Ebizfiling

    Dhaivat Anjaria

    06 Oct 2018

    Thank you Dhwani and team for the excellent service. Your commitment, knowledge of the matter and proactive approach were all very impressive and I am extremely happy with the service. Hope to use the support again in future.

  • Ebizfiling

    Jitendra Nawrange

    09 Aug 2019

    I am very happy that I am connected to your company. I have liked the service of your company, which provides me the right time for every information. Thank you very much to all your employees. I will always be connected to your company and will tell everyone about your company. thank you ebiz team.

  • Client review, Ebizfiling

    Neeta Vakhariya

    09 Mar 2018

    Delighted to work with them. Very efficient and hardworking staff.

Hi, Welcome to EbizFiling!

Hello there!!! Let us know if you have any Questions.

Thank you for your message.

Call Now Button whatsapp