Companies One-time Return "Due soon" for Deposits!!
Companies One-time
Return of Deposits
Background
The
Ministry of Corporate Affairs (MCA) through its notification dated 22 January
2019 made certain amendments to the Companies (Acceptance of Deposits) Rules,
2014 (Deposit Rules). Following are the key amendments relating to return of
deposits:
Annual return (Rule
16):
Every company (other than a government company) should use form DPT-3 (return
of deposits) to file:
a)
A return of deposit
b)
Particulars of a transaction not
considered as deposit or
c)
Both
This
return should be filed with the Registrar of Companies (ROC) on or before 30
June, of every year (comprising information contained therein as on 31 March of
that year duly audited by the auditor of the company).
One-time return
(Rule 16A):
A one-time return is required to be filed by every company (other than a
government company) with respect to the receipt of money or loan outstanding but
not considered as deposits for the period from 1 April 2014 to 31 March 2019).
Additionally,
MCA clarified that on account of a delay in deployment of revised DPT-3 form on
MCA portal, no additional fees as applicable under the Companies (Registration
Offices and Fees) Rules, 2014 would be levied while filing of the one-time
return upto 30 days from the date the new form would be deployed on the MCA
portal.
Revised Form DPT-3: A revised Form
DPT-3 has been issued.
Following are the
recent amendments issued by the MCA:
Date of filing of One-time
return of deposits:
On 30 April 2019, MCA amended Rule 16A to provide that every company (other
than a government company) would need to file with the ROC a one-time return in
Form DPT-3 by 29 June 2019 (i.e. within 90 days from 31 March 2019) along with
specified fees. Earlier the requirement was to file one-time return within 30
days from the date the new form would be deployed on the MCA portal.
Upload of
electronic Form DPT-3: On 1 May 2019, MCA has uploaded revised electronic
Form DPT-3 on its portal. The revised form can be used for filing of both
annual and one-time return.
Our comments
One-time return: As per the revised
requirements all companies now need to file the one-time return by 29 June 2019
along with an auditor’s certificate.
Annual return: Rule 16 requires
that even if a company has not accepted deposits (but has receipts of money or
loan of the nature which are not deposits), it should still file the annual
return by 30 June 2019 along with an auditor’s certificate. In relation to
this, the revised electronic form requires disclosure of 13 categories of
financial transactions not considered as deposits. The coverage of these
transactions is quite pervasive, as it is likely to cover many financial
transactions including amounts received from governments, both Indian and
foreign, including government bodies, loans from banks and financial
institutions, advances from customers for goods, services and property,
inter-corporate receipts, proceeds from issue of commercial paper, bonds and
debentures, share application money and loans from directors.
Therefore,
it would practically require almost all companies to file an annual return as
companies would have receipts of money of falling in one of the 13 categories.
Compilation of
information:
The extension of time period for one-time return by MCA provides relief to
companies, as the requirement for both the forms i.e. one-time return and
annual return has several overlaps in the information that is to be reported.
Now companies can plan to file both the returns together as it would help save
the cost and efforts involved in data collection, compilation of the financial
information and the follow on certification by the auditors for both the
returns. The companies should take note of the revised requirements to ensure
timely filing of returns.
For
any queries, please feel free to write to gaurav@gjmco.in
Thanks & Best regards,
Knowledge Base Team
GJM & Co.
Chartered Accountants
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