Now every company except government companies has been notified by Government in its notification dated 22 Jan 2019 to submit to ROC electronic Form DPT 3. It shall furnish details of Outstanding receipts or loans which are not in the nature of deposits. It is mandatory compliance to be followed by the eligible class of corporates by 22nd of April 2019. In today’s blog, we bring to you know how on Mandatory filing of loan details to ROC.
Who shall submit form DPT-3?
The Form DPT-3 needs to be submitted electronically by all the companies registered in India. Except Government Companies, Banking Companies, and NBFC and Housing Finance Company. Also, there is no requirement to submit this form on persons ( not having the status of the company) like
Partnership firms etc
Which companies are required to file DPT-3?
The e-form DPT-3 as per rule 16A is required to be filed by all companies (Except Government), which includes all
- Public companies
- Private Companies
- Small Companies
- Dormant Company
- One Person Company etc
What is the due date of submitting Form DPT-3 by the companies?
As per Rule 16A, form DPT-3 shall be electronically submitted by all the companies by 22nd April 2019. As per the government notification dated 22nd Jan 2019 this form must be submitted within 90 days of publishing of notification. Which means DPT-3 needs to be filed within 90 days from 22nd Jan 2019 which comes out be 22nd April 2019.
What is the change bought by Companies (Acceptance of Deposits) Amendment Rules, 2019?
The Companies (Acceptance of Deposits) Amendment Rules, 2019 have set to widen the reporting requirements. Previously, only deposits or items in nature of deposits were required to be reported but after the amendment rules, it has also included in its scope loans and other outstanding receipts.
Which category of loans are required to be reported in DPT-3?
In form DPT-3 as per notification dated 22 Jan 2019 all amount of money which company has received and remain outstanding, are required to be reported. The information can be categorized as
- All outstanding receipts
- Unsecured Loans
- Secured Loans
But the details mentioned above shall not include any amount considered as deposits.
For which period DPT 3 shall be filed as per the amendment?
As per the amendment rules dated 22nd Jan 2019 DPT 3 shall be filed for Outstanding Loan and Receipt of money (not being deposits) starting from 1 April 2014.
It means the loans and advances or amounts of money receivable which have been undertaken on or after 1 April 2016 and still not fully settled shall be reported.
What are the documents required to be attached with DPT-3?
While furnishing form DPT 3 these documents are required to be attached
- Certificate of the Auditor
- Proof of trust deed
- An instrument creating a charge
- Particulars of liquid assets
- Others if any.
What if the company has repaid the loan?
Only the outstanding loan and receipt of money are required to be reported and not the one which has been paid off.
What is the periodicity of filing DPT-3?
DPT-3 shall be filed
- One time: For outstanding receipt of money or loan not considered as deposits incurred between 1 April 2014 to 22nd Jan 2019 DPT-3 shall be filed till 22nd April 2019, under sub-rule 2 (1) (c)
- Periodically: For transactions not considered as deposits periodical DPT-3 shall be filed for the fiscal year till 30th June of the next year under sub-rule 2 (1) (c)
What are the disclosure requirements by the Private Company?
If a private company accepts a loan from directors or relatives then in addition to DPT 3 it shall also disclose the information regarding these transactions in its Board’s Report and Notes to accounts.
Whether the disclosure is required for amounts outstanding before 1 April 2014?
If the amount is outstanding on 22 Jan 2019 it can be presumed that it shall be reported under form DPT-3.
What will be the Penalties and Consequences in case of non-compliance?
The penalties and consequences can be categorized under two heads
- Not filing of DPT-3
Not filing DPT 3 within the given due dates shall attract a penalty of Rs 5,000 and Rs 5,000 per day in case of a continuing default, on the company and its officers in default.
- Accepting Deposits
If the company is non-compliant with the provisions of the law i.e does not file DPT-3 and still accepts deposits then it shall
Repay the amount of deposits together with the due interests and also be chargeable with fine of Rs 1 Cr or twice the amount of deposits (whichever is lower) but the same may extend to Rs 10 Cr.
Every officer who is in default shall be chargeable with fine of Rs 25,000 to Rs 2 Cr and imprisonment upto 7 years.
For willful defaults, punishment as per Section 447 of the companies act 2013 shall be levied.