Form DPT-3 in India 2024

Has your company taken any money or debt and hasn't marked it as a deposit? If the answer to this question is yes, then you must file an annual return to the Ministry of Corporate Affairs. This needs to be filed to the Ministry of Corporate Affairs in Form DPT-3. This form is also called the “Return of Deposits”, it is a mandatory filing obligation for companies. Through this the companies promote transparency, comply with the regulatory standards and uphold financial accountability by fulfilling the requirements. 

What is Form DPT-3?

The DPT-3 is a return of deposits that companies file about the deposits and/or outstanding receipts of loans or money other than deposits. This is a way for the Ministry of Corporate Affairs (MCA) to check how the companies handle various formats of financial arrangements.

All companies in India are required to fill the Form DPT-3 except the government companies. So, in the form the information related to deposits accepted, outstanding loans or receipts, information about liquid assets, auditor’s certificate, and others. This form must be filed annually on or before June 30th, 2024.

DPT-3 Applicability

The form DPT-3 applies to all types of money or debts like secured, unsecured, external, and commercial borrowings. Furthermore, even if the company has received a loan from some different type of entity such as a Holding Company, Subsidiary Company, or Associate Company. 

The accepted amount must be filed in form DPT-3. Every year the final date of filing the DPT-3 form is June 30. DPT-3 is an important compliance requirement for most companies in India serving as a transparent and regulatory tool for MCA. It covers multiple financial arrangements such as fixed deposits, recurring deposits, outstanding loans and others.

Filing of MCA Form DPT-3

The DPT-3 form can be filed in two varieties; one-time return and annual return. However, some transactions are not considered deposits and some of them are as follows:

• Any amount received from a company by a company.
• Subscription to securities and call in advance.
• Unsecured loans from promoters.
• The amount received by the company as a collective investment scheme, alternate investment funds or mutual funds registered with SEBI.
• Any amount received as a loan or facility from any Public Financial Institutions, Insurance Companies or Banks.

Eligibility Criteria for Form DPT-3 in India

Not all the companies operating in India are required to file DPT-3 Form 2024. The MCA has set an eligibility for filing the Return of Deposits in DPT-3 form. However, the companies that are eligible to file the annual returns on deposits and outstanding receipts are as follows:

• Private Limited Companies
• One Person Companies
• Public Limited Companies
• Section 8 Companies

Exemptions from Filing the DPT-3 Form

The MCA exempts government companies from filing loan returns. The Acceptance of Deposits Rules of 2014 from the Companies Act exempts the following companies from filing the returns: 

• Banking Institution
• NBFCs (Non-Banking Financial Company)
• Housing Finance Company registered under the National Housing Bank, or
• Any other company notified under subsection (1), section 73, Companies Act

Distinction Between Deposits and Non-Deposits

Every registered company must make a distinction between the deposits and non-deposits eligible for filing the returns in the e-Form DPT-3 to the MCA. Here, we have listed some of the funds accepted or arranged by the company, which are not considered a deposit and, therefore, do not file for returns.

1. Fund received from Government, Foreign Government, and Foreign Bank.
2. Loans disbursed from Public Financial Institutions, Insurance Companies, and Banks
3. Intercompany transactions.
4. Company's subscription to securities and their advance call.
5. Funds received from the Company's Director and relative to the director of a Private Limited Company, someone who is managing the directorship at the time of lending 
6. Funds received from an employee. So, the amount does not exceed the employee's annual salary per the employment contract. An example of such is a non-interest-bearing security deposit.
7. Funds received from a Startup Company of 25 lakh or more in convertible notes in a single tranche.
8. Funds received by the issuing secured bonds or debentures.
9. Unsecured fund transfer from the Company's promoters.
10. Funds received from the Nidhi Company or the Chit Fund Company under the Chit Funds Act of 1982.
11. Funds collected from Collective Investment Scheme, Alternate Investment Funds and Mutual Funds (SEBI registration).
12. An amount that is not listed as a deposit under the Companies Act.

Documents Required for Filing Form DPT-3

The documents required to file FORM DPT-3 are the following:

• Auditor's Certificate
• Deposit Insurance Contract
• Copy of the trust deed
• Copy of the instrument Creating Charge
• List of Depositors indicating name, address, amount deposited, interest due, and others.
•  List of deposits matured, and cheques issued but not yet cleared.
• Optional Attachment, if any.

Process for Filing Form DPT-3

The process of filing the DPT-3 Form is as follows:

1. Apply on the MCA portal for the DPT-3 form.
2. Fill the necessary details in the application form.
3. Attach all the requisite documents in PDF format.
4. Pay fees and submit the application form
5. Receive the confirmation on email from the MCA.

Consequences of Default or Non-Filing the Returns

In case a company does not adhere to the requirements of DPT-3 and keeps accepting deposits, then it will face serious consequences, such as:

• Penalty on the Company: Under Section 73, a penalty of a minimum of 1 crore or twice the amount of deposits, whichever is lower. The penalty can extend upto 10 crore rupees. 
• Penalty on the Officers: The MCA shall punish the involved officers with imprisonment of up to seven years. He will also be fined 25 lakhs rupees, extending to two crore rupees.  
• Penalty in Case of Default in Paying the Fine: If the company or the officer defaults on the fine, they may have to pay an additional five thousand rupees. This contravention will continue, with a fine of 500 rupees daily since default.

Note: If you have nil return then you must file it as it is beneficial from the conservative approach.

Our Assistance in Filing the Form DPT-3

We at Registrationwala provide end-to-end solutions for filing Form DPT-3. Our services include:

• Collection of information and starting the process.
• Creating the first compliance draft.
• Reviewing the draft and making changes if necessary.
• Providing you with the confirmation receipt.

Registrationwala is a leading legal consultancy firm providing comprehensive services for Form DPT-3. Contact us now to inform the MCA about any debt or money they have yet to be informed about.