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Mandatory Return of Deposits

Earlier a special set of companies were required to file the eForm DPT -3 within specified time, but according to the recent amendment to Companies (Acceptance Of Deposit) Amendment Rules 2019 published as on 22nd January 2019, Rule 16A(3) mandates every company other than a Government company to file a return giving particulars of all outstanding loans which are not considered as deposits as per the act or any outstanding receipts of money.

Applicability:

The above-mentioned amendment is applicable to all companies other than government companies. So now technically every company including a Private limited Company, One Person Company, Public Limited Company or even a Section 8 company is required to file DPT 3.

Particulars:

The eForm DPT-3 shall provide all the particulars regarding all outstanding loans which are not considered as deposits as per the act and every outstand receipt of money.

Which loans are not considered as deposits?

The following common form of borrowings shall not be considered as deposits:

  • Amounts borrowed from Directors, Shareholders & Relatives of directors shall not be considered as deposits for this purpose.
  • Any amount received from employees as a security deposit.
  • Any amount received as a loan from banks, or specified financial institutions.
  • Any amount received as advance or security in the normal course of business.
  • Any amount received from Various Governments.
  • Any amount received as against issue of bonds, debentures or instruments according to the guidelines of RBI.
  • Any Amount received towards subscription of securities.

For entire list and raw provision please go through Rule 2(b) & (c) of Companies (Acceptance Of Deposit) Amendment Rules 2019 by clicking here.

Due Date:

The newly added provision mentions the onetime eFiling has to be completed within 22nd April 2019 i.e within ninety days of the date of such publication which was published as on 22nd January 2019. Further, the yearly return of deposits has to filed by 30th June Every Year.

Update: Duedate was further extended to 30th June 2019.

By |2019-06-25T13:14:11+05:30February 19th, 2019|Blog, Manage Compliances|
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