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ROC Compliance-DPT 3 & MSME 1

DPT-3 form is a one-time return form of loans that need to be filed by a company that has outstanding loans not treated as deposits. According to the latest Ministry of Corporate Affairs (MCA) Amendments, it is mandatory for all the companies excluding the Government Companies to file a onetime return for the outstanding receipts of money which are the loan of the company but are not considered deposits.

How did the Form DPT-3 Come into Existence?

On the date of 22nd January 2019, the MCA (Ministry of Corporate Affairs) rolled out a new rule in the Companies (Acceptance of Deposits), Rules, 2014 and that new rule termed as DPT-3 form.

The Companies (Acceptance of Deposits) Rules 2014

According to the notification issued by the Ministry of Corporate Affairs every Private or Public or OPC Companies who accept the loan or have any outstanding loan will have to file the form DPT-3. The form shall likely be available to download in the MCA website from 1st May 2019.

All the outstanding receipt of money or loan from the period of 1st April 2014 to 22nd January 2019 will be covered under this electronic Form DPT-3.

The Specified Companies (Furnishing of information about payment to micro & small enterprise suppliers) Order, 2019.

According to the notification issued by the Ministry of Corporate Affairs every company which has received Goods and/or services from a Micro or Small Enterprise and has not paid the amount to such Micro and Small Enterprise for more than 45 days from the date of acceptance of such Goods and/or services, shall be liable to file the disclosure in FORM MSME1.

Which information are required to filed according to Rule 16A in e-form DPT-3: –

As per New Rule 16A, Every Company need to file e-form DPT-3 with ROC containing following Information:

  1. Every Outstanding Loan (Not Considered as Deposit) in Company as on 31st March 2019.
  2. Every outstanding receipt of money in Company as on 31st March 2019.
  3. Any loan received which falls under definition of deposit not required to mention while filing e-form DPT-3 under Rule 16A.

What is the due date for filing of e-form DPT-3? 

Due date of Filing of e-form DPT-3 one time in rule 16A is 29th June 2019. Because form required to file within 90 days from 31st March 2019.

Outstanding Loan and outstanding receipt of money which period required to be report under this rule.

Outstanding receipt of Money and Loan from 1st April 2014 to 31st March 2019.

Which Companies are covered in rule 16 explanation?

All the Companies required filing DPT-3 after publication of these rules

  1. Small
  2. Non-Small
  3. Privat 
  4. Public
  5. OPC etc

Which Companies are exempted in rule 16 explanation?

Following Companies are exempted to file e-form DPT-3:

  1. Banking Companies
  2. Non-Banking Financial Companies
  3. Housing Finance Company
  4. Government Company

MSME form is required to file two times in Month May 2019

1. First for one time return mentioning date as on 22nd January 2019

2. Second for half yearly return mentioning data as on 31st March 2019

Which are Specified Companies: –

Every Company “PUBLIC OR PRIVATE” if falls in below mentioned condition:

What type of entities cover under Micro & Small entities? 

  1. Micro and small Includes:
  2. Proprietorship, Hindu Undivided Family,
  3. Association of Persons, Co-Operative Society
  4. Partnership Firm, Company or Undertaking

Which form Specified Company required to file with ROC: –

Specified Companies are required to file returns with ROC in e-form MSME-1:

Two Type of Returns required filing by “Specified Companies” like:

  1. One Time Return
  2. Half Yearly Return

What is the due date of filing of “One Time Return”?

One-time return required to file within 30 days of publication of these rules i.e. 30th May 2019 (1st May, 2019 + 30 days)

What is the due date of filing of “Half Yearly Return”?

  1. For Half year period ‘April to September’ 30st October
  2. For half year period ‘October to March’ 30th April

Whether Udyog Aadhar Registration shall be considered as MSME Registrations.

As per MSME Act Udyog Aadhar is a way out to get registration of MSME. Therefore, such registration shall be considered as MSME Register.

Is there any limit on the amount of transaction with MSME?

As per MSME Act, 2006; Limit of amount does not matter to check whether payment made in 45 days or not.

What are consequences for non-filing of the MSME form?

According to the section 16 of MSME Act, if buyer make

  1. Delay in payment more than 45 days or
  2. Delay in payment from agreed term or
  3. Delay in 15 days payment where no term agreed

In such case buyer is liable to pay compound interest with monthly restes to the supplier on that amount from the appointed day, at three times of the bank rate notified by RBI.