Form DPT-3: A Comprehensive Guide

Introduction

In the intricate world of corporate compliance, ensuring timely and accurate filings is essential to avoid legal hurdles and financial penalties. One such critical filing for companies in India is Form DPT-3, popularly known as return of deposits, as mandated by the Ministry of Corporate Affairs (MCA). Companies accepting deposits from their shareholders, other individuals, or other sources must submit this form.

This blog aims to provide a comprehensive guide to Form DPT-3, explaining its purpose, the types of deposits it applies to, the filing process, due dates, and the necessary steps companies must take to comply.

Overview of Form DPT-3

Form DPT-3 compliance is an essential form that any company must file with India’s Ministry of Corporate Affairs (MCA). This form is used to report deposits received by the company and their associated details. 

Companies that accept deposits from shareholders or others must file Form DPT-3 annually, providing necessary information about the deposits’ sources, nature, and terms. This form ensures transparency and protects the interests of stakeholders.

Amendments in Companies Amendment Rules, 2019

In 2019, the Companies (Acceptance of Deposits) Amendment Rules were introduced to enhance the clarity, accountability, and efficiency of deposit-related filings. These amendments brought about significant changes in the regulatory framework regarding filing Form DPT-3.

Below are some of the primary changes introduced by the amendments:

1. Expansion of Filing Requirement: Only certain companies like public limited, private limited, and companies with outstanding loans, were required to file Form DPT-3 before the amendment. The amendments expanded the scope, requiring more companies, including smaller private companies, to disclose their deposit details annually.
   
2. Mandatory Annual Filing: Previously, companies were required to file Form DPT-3 only when they raised deposits. However, with the amendment, companies must file the form annually. This means that even if a company has no outstanding deposits, it still must submit an annual return regarding the status of deposits.
   
3. Enhanced Scrutiny of Deposits: The new amendments introduce more rigorous checks and balances regarding the types of deposits that can be accepted. Companies must now ensure they meet the requirements outlined in the regulations to accept deposits.
   

Entities Required to File Form DPT-3

Form DPT-3 compliance  ensures that companies comply with the legal framework for accepting deposits under the Companies Act, 2013. This form is a necessary tool for entities that accept deposits from the public, and filing it correctly is mandatory for businesses to avoid penalties or legal complications. 

Understanding which entities are required to file Form DPT-3 is essential for businesses, as it helps determine their responsibilities for deposit acceptance. 

Who Needs to File Form DPT-3?

1. Public Companies
   Public companies that accept deposits from the public are obligated to file Form DPT-3 annually. This form is used to report the details of the deposits held by the company and provide a certification confirming whether or not they have accepted any deposits during the reporting period.
   
2. Private Companies (Under Certain Conditions)
   Private companies must also file Form DPT-3 if they have accepted deposits from the public or their members over the prescribed limits. In many cases, private companies must submit this form when they accept shareholder loans or deposits.
   
3. Non-Banking Financial Companies (NBFCs)
   Non-Banking Financial Companies that have accepted deposits from the public must file Form DPT-3 to comply with the regulatory requirements laid out by the Reserve Bank of India (RBI) and the MCA.
   
4. Entities Accepting Deposits Not Covered by Exemptions
   Specific companies that accept deposits but do not qualify for exemption under the Companies (Acceptance of Deposits) Rules, 2014, must file Form DPT-3. These entities must disclose the details of any public deposits or loans they have received during the year.
   
5. Companies with Outstanding Deposits
   Any company with outstanding deposits or loans from the public or its shareholders must file Form DPT-3, disclosing the amount of deposits held and providing details of the maturity period and interest rate.

Types of Returns Under Form DPT-3

Form DPT-3 is a mandatory return for companies to disclose details of outstanding loans, deposits, or both. The Companies Act, 2013, under Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014, prescribes the filing of this form. 

Depending on the nature of the disclosure, there are four types of returns under Form DPT-3:

1. Return of Deposits

This type of return is filed to report all outstanding deposits the company has accepted as defined under the Companies Act, 2013. Deposits include amounts received from members, employees, or the public under certain conditions.

• Purpose: To provide information about deposits accepted by the company, as per the definition under Rule 2(c) of the Companies (Acceptance of Deposits) Rules, 2014.
• Applicable to: Companies that have accepted deposits must comply with deposit regulations.

2. Return of Particulars of Transactions Not Considered Deposits

Certain transactions are exempted from the definition of deposits under Rule 2(c). Companies file this return to report transactions that are not treated as deposits.

• Purpose: To declare loans or advances that do not qualify as deposits but are still required to be disclosed for transparency.
• Applicable to: All companies with outstanding liabilities that do not meet the definition of deposits.

3. Return of Deposits and Particulars of Non-Deposits

This comprehensive return includes information about both deposits and non-deposit transactions.

• Purpose: To give a consolidated picture of the company’s outstanding loans, deposits, and non-deposit liabilities.
• Applicable to: Companies with a mix of deposits and exempted transactions in their liabilities.

4. Annual Return of Deposits

This mandatory annual filing requires companies to report their deposit details for a specific financial year.

• Purpose: This return helps the Ministry of Corporate Affairs (MCA) monitor compliance with deposit-related provisions and protects stakeholder interests.
• Applicable to: Companies that have accepted deposits during the financial year. The Annual Return of Deposits, filed using Form DPT-3, applies to specific types of companies based on their acceptance of deposits and certain financial transactions that may be treated as deposits.

Due Date for Annual Filing

Filing Form DPT-3 within the prescribed time frame is a legal requirement and a crucial element of a company’s financial management. It ensures that the company complies with the rules outlined under the Companies Act, 2013 and helps maintain transparency in its deposit activities. 

General Due Date for Filing Form DPT-3

Form DPT-3 deadline is that it  must be filed annually by companies that accept deposits or loans. The due date for filing is 30 days from the end of each financial year. For most companies, the filing will be due by May 30th of each year, following the close of the financial year on March 31st.

For instance, for the financial year ending March 31, 2025, companies must submit Form DPT-3 by May 30, 2025. Businesses must ensure the Form DPT-3  deadline is met, as delays can result in penalties and potential legal issues.

Due Date for Filing Initial Form DPT-3 (for First-time Filers)

Companies that are required to file Form DPT-3 for the first time must do so as per the due date prescribed for the annual filing. However, for those companies that are newly incorporated or have just started accepting deposits, the first filing is considered the annual filing. It should be done within 30 days of the financial year-end.

Extension of Due Date

In some instances, the Ministry of Corporate Affairs (MCA) may extend the due date for filing Form DPT-3. This extension is typically communicated via notifications or updates on the MCA website. However, companies should not rely on extensions and must ensure the form is filed within the due date unless explicitly notified otherwise.

Details to be Furnished in the Form

The information furnished in Form DPT-3 is critical for maintaining transparency and ensuring that the company adheres to legal requirements regarding deposit acceptance.

This section outlines the key details that must be furnished in Form DPT-3. Companies must ensure accuracy while providing this information, as errors or omissions can lead to penalties and compliance issues. 

Below are the essential details required for Form DPT-3 filing:

1. Corporate Details

The Corporate Details section in Form DPT-3 is essential for identifying and verifying the company’s basic information. This includes the company’s name, CIN (Corporate Identification Number), registered office address, and contact information.

• Company Name and Type: The company’s official name and the company’s type (whether it’s a private company, public company, or one-person company).

• CIN (Corporate Identification Number): This unique number identifies the company and is mandatory for all companies registered with the MCA.
• Registered Address: The address of the company’s registered office, including the city, state, and pin code

2. Financial Year Details

The Financial Year Details section in Form DPT-3 captures information about the financial year for which the form is filed. This ensures that the data corresponds accurately to the specific accounting period, aligning with statutory and regulatory requirements. 

• Period Covered: The form must specify the financial year in which it is being filed. The financial year typically runs from April 1st to March 31st.
• Date of Filing: The date when Form DPT-3 is being filed is critical to determine whether the filing is made on time.

3. Deposits Details

This section ensures transparency about the deposits’ nature, terms, and status and allows regulators to assess whether the company complies with the deposit acceptance rules under the Companies Act, 2013. 

• Deposits Outstanding: The outstanding deposits at the end of the financial year, including both secured and unsecured deposits.
• Nature of Deposits: Specify whether the deposits are from members or the public, including the attached terms and conditions.

4. Declaration Regarding Acceptance of Deposits

 As part of Form DPT-3 filing, companies must provide a declaration confirming that they comply with the applicable provisions of the Companies Act, 2013 and the relevant deposit regulations. 

• Confirmation of Compliance: The company must declare that it has complied with the regulations outlined in the Companies Act, 2013, and the Companies (Acceptance of Deposits) Rules, 2014.
• Non-acceptance of Prohibited Deposits: The company must confirm that it has not accepted any deposits that are prohibited under the Companies Act

5. Repayment of Deposits

Repaying deposits is critical to a company’s obligations when it accepts deposits from members or the public. Ensuring that deposits are repaid on time not only reflects the company’s financial health but also ensures compliance with legal requirements. 

• Repayment Schedule: If the company has repaid any deposits, it should provide details of the repayment schedule, including amounts and dates.
• Default in Repayment: The company should also disclose any defaults in repayment, if applicable.

Procedure for Filing Form DPT-3

The DPT-3 form filing procedure requires careful preparation and following specific steps. A clear understanding of this process can help you file the form accurately and avoid any mistakes that could result in penalties.

Here is a step-by-step guide to simplify the procedure:

1. Prepare Required Information

Before starting the filing process, gather the necessary data, including:

• Corporate details include CIN (Corporate Identification Number), company name, and address.
• Details of deposits accepted, outstanding loans, or other financial liabilities.
• Declaration regarding compliance with deposit acceptance rules.
• Auditor’s certificate (if required).

2. Log In to the MCA Portal

Filing Form DPT-3 is critical in ensuring corporate compliance with deposit-related regulations under the Companies Act, 2013. It provides detailed information about deposits, loans, or other financial liabilities, ensuring transparency and adherence to legal requirements.

3. Download Form DPT-3

Downloading Form DPT-3 is the initial step in the filing process, allowing companies to access the official format required for submitting deposit-related declarations to the Ministry of Corporate Affairs (MCA).

4. Fill in the Form

DPT-3 form filing procedure  accurately is crucial, ensuring that all necessary details regarding exempted deposits are correctly reported to the Ministry of Corporate Affairs.

• The type of return (one-time or annual).
• Details of the deposits or outstanding amounts.
• Financial year and audit report reference, if applicable.

5. Attach Supporting Documents

Attaching the required supporting documents to Form DPT-3 is essential for validating the information provided and ensuring compliance with regulatory requirements.

• Auditor’s certificate (for companies filing returns for deposits).
• Latest financial statements.
• Declaration regarding deposits.

6. Affix Digital Signature

The form must be digitally signed by the authorized signatory, such as the director or company secretary, using their Digital Signature Certificate (DSC).

7. SRN Generation and Acknowledgment

Once the form is successfully submitted, the system will generate a Service Request Number (SRN). Save the acknowledgment for future reference.

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Penalties for Non-Filing or Incorrect Filing

Filing Form DPT-3 is a mandatory compliance requirement for companies under the Companies Act, 2013. Non-compliance, whether due to failure to file the form or submitting incorrect information, can lead to significant penalties and repercussions for the company and its officers.

Here are the penalties:

1. For the Company:

• A fine of up to ₹1 crore or twice the amount of deposits involved (whichever is lower).
• Continuous default can lead to further fines until compliance is achieved.

2. For Officers in Default:

• Officers responsible for the default, such as directors, are personally liable for fines up to ₹25,000.
• Additional penalties may accrue for continued non-compliance.

3. Daily Penalty for Continuing Default:

• Beyond the initial penalty, a fine of ₹1,000 per day is levied until the filing is completed.

4. Impact of MCA Scrutiny:

• The Ministry of Corporate Affairs (MCA) actively monitors compliance. Repeated defaults or non-filing can attract closer scrutiny of the company’s financial dealings, potentially leading to legal proceedings.

Conclusion

Filing Form DPT-3 is an essential requirement for companies that accept deposits, and it plays a vital role in ensuring that businesses maintain transparency and adhere to regulatory standards. By understanding the significance of Form DPT-3, companies can streamline their operations and focus on growth. 

Timely and accurate filings are essential to avoid penalties and ensure that businesses maintain good standing with regulatory bodies, contributing to long-term success.

 Make sure your company is fully compliant with Form DPT-3 today! Visit the RegisterKaro portal to submit your filing easily and on time.

Frequently Asked Questions (FAQs)

1. What is the purpose of Form DPT-3?
A: Form DPT-3 reports the details of deposits accepted by a company, ensuring compliance with the Companies Act, 2013, and promoting transparency.

2. Who is required to file Form DPT-3?
A: All companies that accept public or shareholder deposits must file Form DPT-3 annually.

3. What happens if a company fails to file Form DPT-3 on time?
A: Failure to file Form DPT-3 on time may result in penalties, late fees, and legal consequences for the company.

4. Is Form DPT-3 applicable to both private and public companies?
A: Yes, private and public companies that accept deposits must file Form DPT-3.

5. When is the deadline to file Form DPT-3?
A: Form DPT-3 must be filed within 30 days from the end of the financial year or within 90 days of accepting any deposits for the first time.