Due date DPT 3 is 30th June 2021 for FY 2020-21

Due date DPT 3 is 30th June 2021 for FY 2020-21

The Government, in conjunction with the Reserve Bank of India, has notified a change to the Companies (Acceptance of Deposits) Rules 2014 through the Companies (Acceptance of Deposits) Amendment Rules 2019. This is to protect the interests of creditors or depositors.

Kind of Filing related to the DPT 3

DPT-3 may be of 2 kind, as follows:

• One time return
• Annual return

Return tenure

The one-time return must be filed for the period beginning April 1, 2014, and ending March 31, 2019. As a result, all revenues received during this time period that were still outstanding as of March 31, 2019 have to be reported. The annual return covers the period from April 1, 2019 to March 31, 2020. This return will include all outstanding monies as of the due date.

Information required to be furnished.

The CIN of the Company, email ID, objects of the company, net worth of the company, specifics of charge if any, total amount due as of 31st March 2020, and particulars of credit rating are among the information to be provided.

Documents to be submitted.

• instrument creating the charge.
• List of depositors – List of deposits matured and cheque issued but not yet cleared to be shown separately
• Certificate from Auditor’s
• Other Optional attachment
• Trust deed copy
• Deposit Insurance contract, wherever applicable and mentioned in the form
• Details of liquid assets

How much Filing fees

• Filling Fees required to be payable as per the Companies (Registration Offices and Fees) Rules.

Points to be considered while Submitting DPT-3:

Some points for Form DPT 3:

• This form is applicable on all companies except :-
• a government company
• a banking company
• a non-banking financial company registered with the Reserve Bank of India
• a housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987.

However, insurance companies are registered with IRDA, so the obligation to file DPT-3 is also applicable on them.

The e-form DPT-3 is a dynamic form which works on the basis of radio button selected by the user.

we wanted to remind You that the due date of return of the deposit (DPT 3) is 30TH June 2021.

Non-Filling Consequences in DPT 3

If the company continues to take deposits despite not adhering to DPT-3’s criteria, it will suffer the below consequences:

• A penalty of at least Rs. 1 crore, or double the amount of deposits, whichever is smaller, may be imposed under Section 73, with a maximum penalty of Rs. 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 Rs. 25 lakhs, with a maximum of Rs. 2 crores.
• Rule 21 imposes a fine of up to Rs. 5,000 on the firm and each officer in default, plus a fine of Rs. 500 for each day the default continues.

Others

There is no consensus on whether or not a NIL return must be filed; however, it is always better to be safe and file a NIL return.

FAQ’s on DPT-3

Ques. What are the due dates of filing Forms DPT-3?

Ans. In case of one time return: 29th June, 2021 and in case of annual return: 30th June, 2021

Ques.  In which cases auditor’s certificate is mandatory to be attached?

Ans. Auditor’s certificate is mandatory only in the case when a return of deposit is filed, i.e.

when the radio button two or four is selected.

Ques.  What are the amounts which have to be entered in the forms?

Ans. In case of one time return: Consolidated amount received on or after 1st April, 2014 and outstanding as on 31st March, 2021.

In case of annual return: Amount outstanding as on 31st March, 2021 received at any time.

Ques. What to do if the object clause prefilled is not matching with the object of the company?

Ans. This is due to the reason that the objects clause is not in sync with the MGT-7 and it is picked on the basis of the CIN of the company.

As per the discussion, stakeholders are advised not to raise tickets in this regard and ignore what is being prefilled.

Ques. If the company does not have any outstanding amount as on 31st March, 2019, is the e-Form DPT-3 required to be filed?

Ans.No, company does not have to file any return.

Ques. Is the interest along with the principal amount of the loan to be reported?

Ans.If the interest amount is outstanding as on 31st March, 2021, then yes it also has to

reported as a consolidated figure with the principal amount under the respective head.

Ques. Which date Company need to mention in Column No. 7 “Date of last closing of accounts”

Ans. The date will be 31st March, 2021.

Ques. If a loan or money was obtained after April 1, 2014 and repaid before March 31, 2019, is additional information required?

No, just information regarding the outstanding loan/money as of March 31, 2019 must be provided.

Ques. If a loan or money was received prior to April 1, 2014 and is still outstanding on the balance sheet, what information must be provided?

Yes, as of 31.03.2019, information on any loan/money outstanding in the balance sheet of every company except a government company must be included in Form DPT-3.

Ques. Are small businesses excused from completing Form DPT 3?
No, there is no such thing as an exemption. Only government entities are exempt from filing Form DPT-3.

DIR KYC date will be extended and method of doing KYC will be updated as under:-

1. If all details of Director are same as on MCA portal,  then web-based KYC verification.

2. if email / mobile number is required to be updated_ then DIR-3 KYC based verification.

2. if any other info to be updated,  then first file DIR-6 and then DIR-3 KYC based verification.

more updates for relates blogs are:

New Online filing eForm DIR-3 eKYC Directors

CLOSURE OF SUBSIDIARY COMPANY

Compliance for Foreign Subsidiary Companies in India

Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020

Summary of New MCA official updates under the Company Act 20