How to Comply with eForm DPT 3 Loans and Deposits received by the Companies

(18) Financial Year: The Company has to disclose the amount outstanding in DPT-3 as on 31st March 2019, irrespective of their Financial Year whether it is April to March or January to December.

(19) Advance for Supply of Goods: The advance received towards supply of goods up to 365 days will be treated as exempt and beyond 365 days it will be treated as deposits and same should be disclosed in DPT-3

(20) Government Subsidy: Any Subsidy received from government is outstanding as on 31st March 2019 and the same is considered as deposit as per Rule 2(1)(c) of Companies (Acceptance of Deposits) Rule, 2014

(21) Loan from NBFC: Loan amount received from a NBFC shall be disclosed as money received from other company in form DPT-3.

(22) Compulsorily Convertible Debentures: Any Compulsorily Convertible debentures issued beyond 10 years then it will be treated as deposits and the same has to be disclosed in DPT-3.

(23) Repayment of Deposits: Any amount outstanding has been resolved by the company to be repaid on a particular date but could not be repaid due to any Governmental order the same has to be treated as Deposits and DPT-3 has to be filed along with the said order has attachment.

(24) Borrowings from Bank: Borrowings from bank shall be treated as deposit if the same gets Covered under Rule 2(1)(c) and it has to be disclosed in DPT-3

(25) Strike off or Liquidation:
The Company has to File DPT-3 unless the Ministry of Corporate Affairs reflects that the Company has been struck off.

• • All Companies other than Government companies are required to comply with DPT 3

• • A one time return shall be filed with 90 days, in from DPT 3

• • • All outstanding receipt of money or loan which is not considered as a deposit as per Rule 2 (1) (c ) shall be included in the return

   

  • The period of coverage is 1 April 2014 to 31 March 2019

Do all companies need to company with DPT 3?

Every Company other than a government company is covered by this rule and will hence

• • • Private Limited Companies

   

  • • Public Ltd Companies

   

  • • One Person Companies

   

  • Even Dormant Companies need to file

What should be considered as loans which not recognized as “deposits” for DPT 3?

On careful reading of the notification relating to DPT 3 it states/uses the term “outstanding receipt of money or loan”, Hence all amounts received and outstanding are to be disclosed

Few cases of outstanding receipt of money or loan for the purpose of DPT 3

1. Secured Loans
2. Unsecured Loan
3. Intercorporate Loans
4. Relevant Trade advances less than 365 which are not deposits and trade advances > 365 which are not categorized as Deposits
5. Share Application money pending allotment

What types of advances and loans need not be treated as “Loans” for the purpose of notification and need not be reported in DPT 3?

Any amount received in the course of or the purpose of the business for the following :-

i. As advance for the supply of goods or provision of services provided such advance is appropriated against supply of goods or provision of service within 365 days from the receipt of such amount,

ii. As advance received in connection with consideration for property under an agreement or arrangement.

iii. As security deposit for the performance of the contract for supply of goods or provision of services

iv. As advance received under long term projects for supply of capital goods. If any amount received under clause (I),(II) and (IV) becomes refundable due to the reasons that the company accepting money does not have necessary permission or approval to deal with the goods or services then the amount received shall be deemed to be a deposit after the expiry of 15 days from the date they become due for refund.

v. Any amount brought in by the promoters themselves or their relatives by way of unsecured loan in pursuance of a stipulation of any lending institution on the promoters. Such exemption shall be available only till the loans of the Financial Institutions are not repaid and not thereafter

vi. Any amount accepted by a Nidhi Company in accordance with rules made u/s 406 of the Act.

What are the mandatory attachment that need to made along with the form DPT 3?

• Auditor’s certificate
• Deposit Insurance contract – Mandatory if company has deposit insurance and details of same are mentioned in the form
• Copy of trust deed – Mandatory if company has trust deed and details of same are mentioned in the form
• Copy of instrument creating charge – Mandatory if company has trust deed and details of same are mentioned in the form
• List of depositors – List of deposits matured, cheques issued but not yet cleared to be shown separately – Mandatory if company has balance of deposits outstanding at the end of the year.
• Details of liquid assets

Extract of Rule 16A of  Companies ( Acceptance of Deposits ) Amendment Rules 

Rule16A states thus :

“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 the date of publication of this notification in the Official Gazette, as specified in Form DPT-3 within ninety days from the date of said publication of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014”

Extract of FORM DPT 3

Comply with DPT 3 to avoid penalties as this information collection is very crucial to curb shell companies and companies which have given book adjustment loans

For Any support relating to filing of DPT 3, please contact experts Virtual auditor at +91 9962230333  /9513939333 / 044 -48560333 mails us support@virtualauditor.in