DPT-3 Due Date: Everything You Need to Know

DPT-3 Due Date: Everything You Need to Know

As the DPT-3 due date of June 30th approaches, it’s crucial for companies in India to ensure that they are prepared to meet this important compliance deadline. Form DPT-3, required by the Ministry of Corporate Affairs (MCA), involves the annual reporting of deposits, outstanding loans, and other receipts that do not qualify as deposits as of March 31st of that year. This filing is essential not only for maintaining legal compliance but also for upholding the financial transparency that stakeholders value.

IndiaFilings experts are here to assist you in filing  DPT 3 before the deadline.

What is Form DPT-3?

Form DPT-3 is a return of deposits that must be submitted annually by companies registered under the Companies Act, except for government companies. The form is designed to provide the MCA with detailed information on:

• Deposits received by the company,
• Outstanding receipt of money or loans which are not considered deposits and
• Any other amount that needs to be reported does not classify as a deposit.

The primary purpose of this form is to ensure that companies maintain transparency about their financial dealings and comply with the stipulations regarding the handling of deposits as per the Companies Act 2013.

Applicability and Requirements

Form DPT-3 is applicable to all companies, including private limited companies, public limited companies, and One Person Companies (OPCs) that have accepted deposits or incurred specified types of loans that are exempt from the definition of deposits. This form does not apply to government companies.

Key Details on the DPT-3 Due Date

1. Financial Year Coverage:
   The financial year in India runs from April 1st to March 31st. Form DPT-3 covers all transactions related to deposits and non-deposit receipts within this period.
2. Filing Deadline:
   The DPT-3 due date is June 30th of every year. This means companies have three months after the end of the financial year to audit their records and file the return. For instance, for the financial year from April 1, 2023, to March 31, 2024, the due date for submitting Form DPT-3 would be June 30, 2024.
3. Audit Requirements:
   The details furnished in Form DPT-3 must be audited by the company’s auditor to ensure accuracy and compliance with the legal framework.

Penalties for Non-Compliance with Form DPT-3 Filing

The Companies Act 2013 stipulates specific obligations for the timely filing of Form DPT-3, which is crucial for companies to disclose details about their deposits, loans, and receipts not classified as deposits. Failing to comply with these filing requirements can lead to significant financial penalties for both the company and its officers.

• Fine for the Company: If a company fails to file Form DPT-3 by the stipulated deadline, it can be fined. The penalty for the company can amount to up to five thousand rupees. This fine is imposed as a flat rate, and it’s critical for companies to file the form within the deadline to avoid this financial penalty.
• Fine for Officers in Default: Not only does the company face penalties, but the officers of the company who are responsible for the default also face fines. Each officer in default can be fined an amount that may also extend up to five thousand rupees. This penalty emphasizes the individual accountability of company officers to ensure compliance with filing requirements.
• Additional Fine for Continuing Contravention: If the default continues beyond the initial deadline, an additional fine is imposed. This fine can be up to five hundred rupees for each day the contravention continues after the first day. This daily penalty accumulates until the compliance is met, which can potentially amount to a substantial sum if not addressed promptly.

For more details on penalties, please read our guide – DPT-3 Penalty

Preparing for the DPT-3 Filing

To avoid any last-minute complications and ensure a smooth filing process, companies should consider the following steps:

• Review Financial Transactions: Carefully review all transactions from the past financial year that could be considered as deposits or non-deposit receipts. This ensures all relevant transactions are reported accurately.
• Audit Reports: Have your company’s financials audited by a certified auditor, as this is required for the filing. The auditor will verify the accuracy of the financial information pertaining to deposits and loans.
• Gather Documentation: Compile all necessary documentation, including bank statements, loan agreements, and receipts, well in advance of the filing deadline.
• Consult Experts: If there are any uncertainties or complexities in the financial data, consulting with financial experts or legal advisors can provide clarity and guidance.

IndiaFilings experts can help you file Form DPT 3 easily.

Conclusion

As June 30th nears, companies should prioritize the preparation and submission of Form DPT-3 to the MCA. This not only ensures compliance with Indian corporate laws but also reinforces a company’s commitment to transparency and sound financial practices. Remember, failing to meet the DPT-3 due date can lead to penalties and could negatively impact the company’s reputation. Thus, early and thorough preparation is key to successful compliance.

Contact IndiaFilings today for expert assistance with your DPT-3 filing and ensure timely and accurate compliance.