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The Tax Publishers Companies Act, 2013 One-time Reporting of Exempted Deposits Pragya Lalwani This write up elucidates the form and manner of disclosing the information regarding outstanding loans or monies received by the company not being considered as deposits, by way of filing one-time return required in pursuance of the Companies (Acceptance of Deposits) Amendment Rules, 2019. 1. Introduction The Ministry of Corporate Affairs, vide Notification G.S.R. 42(E), dt. 22-01-2019 dated 22nd January 2019, issued the Companies (Acceptance of Deposits) Amendment Rules, 2019 requiring all companies to which these rules apply except Government companies to furnish information regarding outstanding receipts or loans that are not considered as deposits. Till then only deposits were required to be reported. Thus, the Government, in order to promote transparency and ease of doing business in India, has widened the reporting requirements in relation to acceptance of monies. This article focuses on one-time return filing in Form DPT-3 pursuant to sub-rule (3) of rule 16A of the Companies (Acceptance of Deposits) Rules, 2014, amended from time to time. 2. Form and manner of filing one-time return Uptill 22-1-2019, only companies accepting deposits were required to file return of deposits with the Registrar in Form DPT-3. However, vide Companies (Acceptance of Deposits) Amendment Rules, 2019, it has been clarified in the Explanation to rule 16 that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company. Further, one-time return disclosing the information regarding outstanding loan and money received by the company not considered as deposits, is also required to be filed in Form DPT-3. (i) Filing of one-time return with Registrar Rule 16A(3) of the Companies (Acceptance of Deposits) Rules, 2014 states that every company other than a Government company is required to file a one-time return of outstanding receipt of money or loan by a company but not considered as deposits in terms of rule 2(1)(c), from 1-4-2014 to 31-3-2019, as specified in Form DPT-3. Thus, reporting of outstanding loan and receipt of money (not considered as deposits) from the period 1-4-2014 to 31-3-2019, is required to be made in one-time return. Total outstanding amount received by company as specified in rule 16(A)(3) has to be mentioned in the Form. It is pertinent to note that if there is no outstanding loan amount or receipt of money by the company then there is no requirement of filing NIL return in Form DPT-3. (ii) Time period of filing one-time return Such one-time return in Form DPT-3 has to be filed with the Registrar within ninety days from 31st March, 2019, i.e., up to 29-6-2019. (iii) Attachments to Form DPT-3 Where one-time return for disclosure of details of outstanding money or loan received by company but not considered as deposits in terms of rule 2(1)(c) is filed then the following documents are required to be attached: SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Companies Act, 2013

One-time Reporting of Exempted Deposits

Pragya Lalwani

This write up elucidates the form and manner of disclosing the information regarding outstanding loans or monies received by the company not being considered as deposits, by way of filing one-time return required in pursuance of the Companies (Acceptance of Deposits) Amendment Rules, 2019.

1. Introduction

The Ministry of Corporate Affairs, vide Notification G.S.R. 42(E), dt. 22-01-2019 dated 22nd January 2019, issued the Companies (Acceptance of Deposits) Amendment Rules, 2019 requiring all companies to which these rules apply except Government companies to furnish information regarding outstanding receipts or loans that are not considered as deposits. Till then only deposits were required to be reported. Thus, the Government, in order to promote transparency and ease of doing business in India, has widened the reporting requirements in relation to acceptance of monies. This article focuses on one-time return filing in Form DPT-3 pursuant to sub-rule (3) of rule 16A of the Companies (Acceptance of Deposits) Rules, 2014, amended from time to time.

2. Form and manner of filing one-time return

Uptill 22-1-2019, only companies accepting deposits were required to file return of deposits with the Registrar in Form DPT-3. However, vide Companies (Acceptance of Deposits) Amendment Rules, 2019, it has been clarified in the Explanation to rule 16 that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company. Further, one-time return disclosing the information regarding outstanding loan and money received by the company not considered as deposits, is also required to be filed in Form DPT-3.

(i) Filing of one-time return with Registrar

Rule 16A(3) of the Companies (Acceptance of Deposits) Rules, 2014 states that every company other than a Government company is required to file a one-time return of outstanding receipt of money or loan by a company but not considered as deposits in terms of rule 2(1)(c), from 1-4-2014 to 31-3-2019, as specified in Form DPT-3.

Thus, reporting of outstanding loan and receipt of money (not considered as deposits) from the period 1-4-2014 to 31-3-2019, is required to be made in one-time return. Total outstanding amount received by company as specified in rule 16(A)(3) has to be mentioned in the Form.

It is pertinent to note that if there is no outstanding loan amount or receipt of money by the company then there is no requirement of filing NIL return in Form DPT-3.

(ii) Time period of filing one-time return

Such one-time return in Form DPT-3 has to be filed with the Registrar within ninety days from 31st March, 2019, i.e., up to 29-6-2019.

(iii) Attachments to Form DPT-3

Where one-time return for disclosure of details of outstanding money or loan received by company but not considered as deposits in terms of rule 2(1)(c) is filed then the following documents are required to be attached: