Everything about DPT-3

Everything about DPT-3

February 14, 2024 / Finance / By

]Everything about DPT-3: In conference with the Reserve Bank of India, the Central Government had started the CFSS or Companies Fresh Start Scheme under which Form DPT-3 is included. It deals with safeguarding the interest of depositors and creditors and the process of Acceptance of Deposits as per the issued Amendment Res of 2019.

About the DTP-3 Form

The DTP-3 Form is a one-time annual return. Each year, it is needed to be filed by all companies with any outstanding amount of loan or any such advances, simultaneously with an additional fee as stated by the Companies Rules of 2014.

It needs to be filed under the ninety-day limit starting from the 31st day of March till the end of each financial year, up to the 30th day of June.

The Two Types of DTP-3 Forms

  • One-time Return: One-time returns are filed for outstanding amounts and non-deposits. They include money received after the 1st day of April and uncleared before the 31st day of March 2019.
  • Annual Returns: The returns filed for outstanding amounts and non-deposits for money received before the 1st day of April and on the date of filing in case of unpaid charges every year is an annual return.

Objectives of DTP-3 Form

On the 22nd day of January, the Ministry of Corporate Affairs, also known as MCA, rolled out a new law known as DTP-3 owing to the pre-existing Companies (Acceptance of Deposits) Rules of 2014.

As per the MCA Amendments, it is compulsory for all the companies exclusive of the Government Companies to file an annual return for the remaining receipts of money that are the company’s loans and are not considered deposits.

The main objective of the Form is to do with loans, amendments, and return filing for the maintenance of company records in the Government’s registers.

Process of Filing DTP-3 Form

Companies should follow the following steps to file the DTP-3 Form.

Step 1: Open the Form and fill the CIN of the Company. Click on the pre-fill option, and the details of the company should be filled in automatically. You can edit options such as E-mail addresses.

Step 2: Click on the tab that suits your purpose and enter whether your company is a government or non-government company.

Step 3: The company’s objects need to be entered in the Form if it has not been filled yet.

Step 4: Enter details about the filing purpose and the total number of deposits from the 1st day of April and the end of the year.

Step 5: Details about the most recent balance sheet and other such data need to be filled in to calculate your company’s net worth.

Step 6: Deposits that will mature before the 31st day of March the following year needs to be entered with the amount required to be invested in liquid assets.

Step 7:

  • Attach scanned documents as needed.
  • Sigh form.
  • Upload necessary details to the MCA portal.

Applicability for DTP-3 Form

·Those who are Applicable

  • Form DTP-3 must be filed by every company that has received capital and has due loans, as per Rule 16A.
  • All companies, inclusive of private, small, large, OPC should file DTP-3.
  • If any company has not cleared loan before the 1st day of April 2014 and has increasing outstanding loan should file DTP-3.

Those who are Inapplicable 

  • If any company has zero loans till the 22nd day of January 2019, DTP-3 is not required.
  • If a company pays the loan taken after the 1st day of April 2019 before the 22nd day of January, they need not file DTP-3.

Important Topics Related to DTP-3 Form in Details

Due Dates of filing of Form DPT-3

Rule Applicability Nature of Return Due Dates
Rule 16 All companies apart from Government Companies Annual Return Before or on the 31st day of June of the following year
Rule 16A (3) All companies apart from Government Companies One-time return Before or on the 20th day of June 2019

Documents Needed for filing

  • A list of depositors
  • The Auditors Certificate
  • Replica of Trust Deed
  • Replica of the item creating charges

Details Required to Furnish Form DPT-3

Essential elements required to furnish the Form DTP-3 are:

  • E-mail Address
  • Net Worth of the Company
  • CIN of the Company
  • Objects of the Company
  • Total outstanding amount as of the 31st day of March 2019.
  • Specifics of charge (if any)

·Consequences in case of non-filing of DTP-3 Form

If the company fails to file Form DTP-3 and keeps taking deposits, they will have to face a penalty up to Rs. 1 crore or two times the amount. (Whichever is lower). As per Rule 21, each officer must pay a default penalty charge up to Rs. 5000.

Professional Certification

The filing of the DTP-3 Form does not need any professional qualification. No proof of a specified qualification is required for this process, and anyone can complete it.

Number of Forms to be filed

  • If the company in question has their receipts covered under deposits, they need to file only one return.
  • If the company in question is does not fall under the category of deposits, two returns need to be filed.

In Case of Newly Incorporated Companies

If accounts have not been audited for the year prior, the company should complete the filing with unaudited figures in the case of newly incorporated companies.

Additional Interest on Principal Amount

If the interest amount is still outstanding till the 31st day of March 2019, The Government will make additional interest on the principal amount. In this case, under the respective head, it has to be reported as a consolidated figure with the principal sum.

FAQ’s on Form DTP-3

Question 1.
Is the Auditors Certificate needed in the case of one-time Returns?

Answer:
According to the instruction, if the company includes only non-deposits, they are not needed to submit the Auditors Certificate for one-time returns

Question 2.
Is DTP-3 an STP form?

Answer:
The electronic Form DPT-3 is not an STP form. The Form DPT-3 needs the approval of the Registrar concerned.

Question 3.
Under which columns should loan accepted from shareholders be mentioned?

Answer:
Under column numbers 9 and 10 (deposit), the loans received from shareholders should be mentioned (since this type of loan is considered a deposit).

Question 4. 
Does DTP-3 apply to an NBFC Company?

Answer:
According to the Act, Deposit Laws do not apply to Companies registered as NFBC. Hence, they do not need to file Form DPT-3 if their company is NFBC.

Question 5.   
In the case of Net Worth, which financial statements should one consider?

Answer:
According to Form DPT-3, the Net worth should be as per the most current audited balance sheet. If the balance sheet of 31st of March 2019 has been audited, it should be entered accordingly, and if not, the company should document an unaudited amount.

Question 6.   
Is NIL return necessary in both cases of filing returns under the Form DTP-3?

Answer:
According to the MCA webinar, NIL return in any returns for filing Form DPT-3 is unnecessary.

Question 7.   
What are the Filing fees for Form DTP-3?

Answer:
The company’s filing fees should be passed according to the Companies (Fees and Registration Offices) Rules.

Question 8.   
Which option should a company with only non-deposits select?

Answer:
In the case of any company having only non-deposits, Remote Button 3 should be selected.

Question 9.   
Should one mention the amount of loan and interest in Form DTP-3?

Answer:
Yes, it is needed to be mentioned.

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