Due date for filing Form DPT-3 is 29th June 2019

Dear Sir / Madam,

As per Rule 16(A) sub rule 3, of the Companies Act,

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 1of rule 2 from the 1st April 2014, to the date of Publication of this notification in the official Gazette specified in form DPT-3 within ninety days from 31st March, 2019 i.e., on or before 29^th June 2019 with the applicable fees.

Hence Form DPT-3 should be filed on or before 29^th June 2019 by every Company (other than a Government Company) to file:

1. Onetime Return for disclosure of details of outstanding money or loan received by a company but not considered as deposits in terms  of rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014
2. A return of deposit for the deposits taken under section 73 of the Companies Act 2013
3. Particulars of transactions by a company not considered as deposit as per rule 2 (1) (c) of the Companies (Acceptance of Deposit) Rules, 2014
4. Return of Deposit and Particulars of transactions by a company not considered as deposit.

Hence it is to be noted that any receipt of money which are excluded from the definition of deposits as per Rule 2(1)(c) requires filing of DPT-3, the list which are specified below: ( which have to be reviewed and if any one of this is present, DPT-3 form has to be filed.)

i.   Amount received from central government, state government etc;
ii.  Amount received from foreign governments/ banks etc;
iii.  Amount received as loan from banks, banking companies etc;

1. Amount received as loan from Private Finance institutions (PFIs), any regional Financial Institutions or insurance companies or scheduled banks;
2. Amount raised through issuance of commercial paper;
3. Inter- corporate deposits;

   vii.  Amount received as subscription money for securities pending allotment;

  viii.  Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the Private company:

1.  Any amount raised by the issue of bonds or debentures
2.  Any amount raised by the issue of non-convertible debentures
3.  Any amount received from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of non-interest bearing security deposit

   xii.        Any non-interest bearing amount received and held in trust

  xiii.        any amount received in the course of, or for the purposes of, the business of the company,-

1. as an advance for the supply of goods or provision of services accounted for in any manner whatsoever provided that such advance is appropriated against supply of goods or provision of services within a period of three hundred and sixty five days from the date of acceptance of such advance:
2. as advance, accounted for in any manner whatsoever, received in connection with consideration for an immovable property under an agreement or arrangement , provided that such advance is adjusted 3[against such property] in accordance with the terms of agreement or arrangement;
3. as security deposit for the performance of the contract for supply of goods or provision of services;
4. as advance received under long term projects for supply of capital goods.
5. as an advance towards consideration for providing future services in the form of a warranty or maintenance contract as per written agreement or arrangement, if the period for providing such services does not exceed the period prevalent as per common business practice or five years, from the date of acceptance of such service whichever is less;
6. as an advance received and as allowed by any sectoral regulator or in accordance with directions of Central or State Government;
7. as an advance for subscription towards publication, whether in print or in electronic to be adjusted against receipt of such publications;“]

  xiv.        any amount brought in by the promoters of the company by way of unsecured loan in pursuance of the stipulation of any lending financial institution or a bank subject to fulfillment of the certain conditions.

1.         any amount accepted by a Nidhi company in accordance with the rules made under section 406 of the Act

  xvi.        any amount received by the company under any collective investment scheme in compliance with regulations framed by the Securities and Exchange Board of India;

xvii.        an amount of twenty five lakh rupees or more received by a start-up company, by way of a convertible note (convertible into equity shares or repayable within a period not exceeding five years from the date of issue) in a single tranche, from a person.

Kindly find the attached notification for your reference.

Click here to download Checklist for DPT-3 filing

Kindly go through and let us know in case of any help or clarifications in this regard.

 

Vishnu Daya Tax Alert

Vishnu Daya & Co LLP

Chartered Accountants,

GF 7 & 3rd Floor, Karuna Complex, No. 337, Sampige Road, Malleswaram,Bangalore-560003.

Office: +91-80-23312779 | +91-80-23560633

Fax: +91-80-23313725

Website: www.vishnudaya.com