DPT-3 E-form: Key Highlights and Challenges

Ministry of corporate Affairs through the notification dated 22^nd January 2019, recently made changes in the Amendment Rules, 2019. With the implementation, the MCA has made mandatory for all the companies registered in India to file Form DPT-3 before 29th June, 2019.

Major highlights of the Form DPT-3 

• Government companies and NBFC companies are not required to fill the form
• The audit of financials for FY 2018-19 is not mandatory for filing DPT-3 form
• The figures entered in DPT-3 form should be checked and verified by the auditor and a certificate should be obtained for the same
• Government has made a differential treatment when the companies are filing for one time return and the annual return. In case of one- time return, the company shall furnish amount received after 01/04/2014 and which is outstanding as on 31/03/2019. In case of annual return, all the outstanding amount should be filed by 31/03/2019 whether received before or on 01/04/2014.
• As per the point 8 of DPT-3, the net worth of the company should be calculated as per the preceding audited statement and for this time the audited financial statement means the statement ending for the year 31.03.2018.
• Another major highlight is the net worth as per the Form DPT-3 entails intangible assets but as per the definition, net worth does not include tangible assets, so there are chances that net worth filled in the form AOC-4 is differential than Form DPT-3. So, it is better to attach the clarification document along with it.
• Even the companies having nil returns are liable to file the form but in such cases, the auditor certificate is not compulsory.

There are certain rules regarding deposit- for example inter-corporate deposit is exempted but the loan from LLP is not exempted under it, loan from director own fund is exempted but from relatives and friends of Director is not exempted, amount of HUF will be treated as Deposit of HUF and any trade advance for less than 365 days will be treated as exempted and trade advance for more than 365 days is considered as a deposit. The share application money due for less than 2 months is treated as exempted and for more than 60 days is considered as a deposit.

Hope these points would further simplify the process of filing the returns by the companies. MCA is seriously putting a lot of compliance pressure on the companies as part of their cleansing exercise. DPT-3, MSME-1 after INC-22 is creating lot of issues among the corporate corridors of the Indian economy.