Eligibility criteria for E FORM DPT-3 in India
The companies that are eligible to file FORM DPT-3 are the following:
- Private Limited Companies
- One Person Companies
- Public Limited Companies
- Section 8 Companies
Note: Government companies are exempted from filing this e-form.
Exemptions from filing the DP3 Form
The MCA exempts government companies from filing loan returns. The Acceptance of Deposits Rules of 2014 from the Companies Act exempts the following companies from filing the returns:
- Banking Institution
- NBFCs (Non-Banking Financial Company)
- Housing Finance Company registered under the National Housing Bank
- OR any other company notified under subsection (1), section 73, Companies Act
Consequences of Default in filing the Returns
Penalty on the Company
The MCA shall impose a penalty of one crore or twice the deposit's amount, whichever is lower. The penalty can extend upto 10 crore rupees.
Penalty on the Officers
The MCA shall punish the involved officers with imprisonment of up to seven years. He will also be fined 25 lakhs rupees, extending to two crore rupees.
Penalty in case of default in paying the Fine
If the Company or the officer defaults on the fine, they may have to pay an additional five thousand rupees. This contravention will continue, with a fine of 500 rupees every day since the default.
Distinction between Deposits and Non-Deposits
Every registered Company must make a distinction between the deposits and non-deposits eligible for filing the returns in the e-Form DPT-3 to the MCA. Here, we have listed some of the funds accepted or arranged by the Company, which are not considered a deposit and, therefore, must not be filed for returns.
1. Fund received from the following:
- Government
- Foreign Government
- Foreign Bank
2. Loans disbursed from any one of the following:
- Public Financial Institutions
- Insurance Companies
- Banks
3. Intercompany transactions
4. Company's subscription to securities and their advance call
- Funds received from the following:
- Company's Director
- Relative to the director of a Private Limited Company, someone who is managing the directorship at the time of lending
5. Funds received from an employee. The amount does not exceed the employee's annual salary per the employment contract. An example of such is a non-interest-bearing security deposit.
6. Funds received from a Startup Company of 25 lakh or more in convertible notes in a single tranche
7. Funds received by the issuing secured bonds or debentures
8. Unsecured fund transfer from Company's promoters
9. Funds received from the Nidhi Company or the Chit fund Company under the Chit Funds Act of 1982
10. Fund collected from any one of the following:
- Collective Investment Scheme
- Alternate Investment Funds
- Mutual Funds (SEBI registration)
11. An amount that is not listed as a deposit under the Companies Act
Documents required for filing E FORM DPT-3
The documents required to file FORM DPT-3 are the following:
- Auditor's Certificate
- Deposit Insurance Contract
- Copy of the trust deed
- Copy o the instrument Creating Charge
- List of Depositors
- Details of the liquid assets.
- Outstanding receipts of money or loans taken by a company which has not been considered as deposits.
Process for filing E FORM DPT-3
The process of filing the DPT-3 E Form is as follows:
- Gather the requisite documents.
- Go to the MCA portal.
- Fill out the E FORM DPT-3.
- Submit the application form.
- Receive the confirmation from the MCA.
Our Assistance in filing the E FORM DPT-3
We at Complynest provide end-to-end solutions for filing E FORM DPT-3. Our services include:
- Collection of information and starting the process.
- Creating the first compliance draft.
- Reviewing the draft and making changes if necessary.
- Providing you with the confirmation receipt.
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