What is Form DPT- 3 (MCA)? Informative Guide

You’ve probably wondered what DPT-3 form is. In short, this is a form used to verify the address of a company. It also lists the outstanding receipts. The DPT 3 due date for filing the form is April 25, 2019.

The DPT-3 form is intended to be filed quarterly, and it must be filled out in full by the company. The form includes information about loans, advances, and deposits a company receives. 

These forms should be filled out within three months of the end of each quarter. You’ll find the corresponding deadlines for June 30 and December 31. There is also a sample DPT-3 form online that you can fill in.

Did you Know?

The form DPT-3 is included within the form list for the Companies Fresh Start Scheme (CFSS) 2020. Accordingly, no late DPT 3 filing fees will be due if the form is completed by September 30, 2020.

What Is DPT-3 Form?

TheDPT-3 form is required by companies that receive deposits from foreign banks or other companies. It also applies to foreign companies that don’t need to file section 92 or 115JB tax returns. 

If a company receives deposits or loans from foreign banks, it must file this form with the IRS. It also serves as a voluntary disclosure form. Consider using this form if you’re looking for an easy online way to file your documents.

The DPT-3 form is required by law for any company with outstanding loans and is not a government organisation. The form is intended to give information about outstanding receipts and deposits, and it is a requirement under the Companies’ Fresh Start Scheme 2020. 

Due to the new rules, no late fees will apply for filing the DPT-3 form until September 30 2020. The Reserve Bank made the changes in the DPT-3 form of India after consultation with the Central Government and the RBI.

What Does It Contain?

The form DPT-3 will contain:

• Furthermore, the return must be submitted in the form DPT-3, which must be submitted within 90 days after the announcement of the government notice.
• Information on all loans made during the period from April 01 2014, until the date that this announcement was made public on the official site of MCA, i.e. January 22 2019.
• Do you know the purpose of filing DPT-3? Check the next section to know more.

Also Read: All About Form MGT-14 – Purpose and Resolutions

The Purpose of Filing DPT-3

1: It’s only needed to be filed by businesses with outstanding receipts, which are not considered deposited according to rule 2(1)(C) of the Deposit Rules on or before June 29.

2: It must file on June 30 of each year, as per the annual report of deposits exempted by organisations whose deposits fall in compliance with Rule 2(1)(C) of the Deposit Rules.

3: It has only due to being filed by June 30, by the annual deposit return by businesses that have deposits falling in Sec. 73-76 of the Deposit Rules

4: It’s just required to file on June 30 each year, in line with the annual and exempted deposits return and by institutes that have deposits under the secs 73-76 of Regulation 2(1)(C) of the Deposit Rules.

Check the latest updates on form DPT-3 by referring to the following section. 

Latest Updates on Form DPT-3

If you’re wondering when the last date to file form DPT-3 is, you can find the answer by checking the Companies Fresh Start Scheme 2020. The new deadline for filing the form is December 31 2020. 

There are no late DPT 3 filing fees, though, as the MCA has extended the due date. You have ninety days to file form DPT-3 and pay the applicable fee. However, several other factors must be considered when deciding when you should file your form DPT-3.

The main purpose of form DPT-3 is to disclose outstanding loans and declare that they are not deposits. However, it should be noted that you should not use this form if you’re dealing with a Government company. 

The government has stated that the form is only required for filing returns for a period beginning from April 01 2014, to March 31 2019. You should also report any outstanding loans, but not those deposited.

2021 Update

Now, as per the new General Circular No. 11/2021 of 30.06.2021, there are no additional DPT 3 filing fees due until August 31, 2021, regarding the late submission of documents that were due to be filed between the period from April 01, 2021, until July 31 2021. 

If the delayed filing is not completed by August 31 2021, only the normal fee will be due. It should be noted that the benefits of the above circulars are available equally to Companies or LLP, and only those forms that were or were scheduled to be filed between April 01, 2021, and July 31 2021, can be filed following their DPT 3 due date with no additional charges until August 31 2021. This relaxation does not apply to the charges-related forms.

Have a question about DPT-3 applicable, know the complete answer by checking the next section. 

What Is DPT-3 Applicable?

• As per rule 16A, DPT-3 should be submitted by each of the companies that have received money and loans that are due.
• The DPT-3 form has to be completed by all businesses, including private, small or non-small OPC and more.
• Secured, unsecured loans, together with advances for services and goods, must be submitted on the DPT-3 Form.
• If you/Holding Company/Subsidiary Company/associate Company obtains the loan, then completing the DPT-3 form is compulsory.
• If the company hasn’t paid off the loan by April 01 2014, and the loan is continuing, the loans must be disclosed to ROC on the DPT-3 form.

Who Is Not Applicable to File the DPT-3 Form?

• If the business does not have any loan until February 22, 2019, submitting the DPT-3 form is unnecessary.
• If the company can take loans after April 01 2019, or has it paid by January 22 2019, and there is no evidence of any unpaid loan, the company is not required to submit the DPT-3 Form.

You have learned about users who are not applicable to file the DPT-3 forms. Now check the users who are exempt from filing the return. 

Who Is Exempted From Filing the Return?

Except for the government-owned company, every business has to complete this return. Furthermore, by the rules of Rule 1(3) of the Companies (Acceptance of Deposits) Rules 2014, the following companies are exempt from the filing:

• Government Company
• Bank company
• Non-Banking Financial Company
• A company that provides housing finance which is registered with National Housing Bank
• Any other company notifying under proviso (1) and section 73 Act

DPT 3 Filing

DPT-3 can come in two kinds, as follows:

• One-time return
• Annual return

Except for Government corporations, all other businesses that include privately limited corporations, OPC, limited companies or Section 8 companies have to be required to file this form.

Documents That Need Submission

• Certificate of Auditors
• Copy of the trust deed
• The Deposit Insurance contract, where it is applicable and referred to in the form
• Copy of the instrument that creates the charge
• List of depositors. List of the deposits that have matured and the cheques issued, however, not cleared yet to be displayed separately.
• Information about liquid assets
• Optional attachment

Also Read: Know All About Documents Checklist for GST Registration for Businesses

Not All Transactions Count as Deposits

• The amount from a foreign bank or the government, or the amount guaranteed through the federal government.
• Funds are received in the form of a facility or loan by the company of any Public Financial Institutions or Insurance companies.
• The amount that an organisation from a business
• The amount of science provided by the director or company
• Subscriptions to securities
• Unsecured loans
• The amount that the firm from an employee
• The amount paid in advance from the company to purchase goods or provide services.

Conclusion

Whether it is a small business, Private Company, Person Company, or Public Company, each company must submit an electronic form DPT-3. In addition, they need to complete it within a timeframe beginning on April 01, 2014, and ending the date of the publication of this notice. 

One also needs to keep the latest updates on the DPT-3 form. Now keep track of your cashflow and manage your incomes and expenses with ease by using the Cashbook app by Legaltree.