Form dpt-4

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2014 Hello experts,

Can any one help me with the procedure and eligibility for filing DPT-4
Is DPT-4 is applicable to:
1. Directors who are shareholders
2. HUF
3. If relative has a proprietorship firm and have given loan in the name of his firm to the company, whether we will consider it as loan from relative or Company or others.
4. Any inter - corporate loan.
5. Bank Outstanding.

I have read the New Acceptance rules of Deposit 2014 but could not interpret it exactly
Kindly, revert the clear and specific applicability at your earliest.

Thanks

Hitendra Jain

Hitendra Jain (Expert)
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17 June 2014 Form DPT - 4 Statement regarding deposits existing on the commencement of the act is required to be filed by 30 June by virtue of Rule 20.
Section 2(31) provides that “Deposit” include any receipt of money by way of deposit or loan or in any other form by a company.
Rule 2(1)(c)
(iii) provides that any amount received as loan or facility from a bank including State Bank of India or any of its subsidiary banks.
and
(vi) provides that any amount received by a company from any other company.
and
(viii) provides that Any amount received by a company from a person who, at the time of the receipt of the amount, was a director of the company subject to giving a declaration by the person.
Do not include in the term “Deposit” under the Companies (Acceptance of Deposits) Rules, 2014.
In case of the person who was shareholder as well as director of the company at the time of giving loan if made a declaration that he is giving the loan to the company in capacity of director and the money given is not received by him under any arrangement of loan then under clause 2(1)(c)(viii) such loan shall fall. Accordingly form DPT – 4 not applicable.
Any loan or facility acquired from bank is outside of the sweep of the term “Deposit” under clause 2(1)(c)(iii). In Such case DPT-4 is not applicable.
Inter-corporate loans are out of purview under clause 2(1)(c)(vi) for the purpose of filing form DPT – 4.
In remaining cases i.e. from HUF and Proprietorship firm the loan fall under the term “Deposit” and hence Form DPT-3 Return of Deposit as well as Form DPT -4 required to be filed by 30 June.

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Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2014 Thank you, sir
It was of great help..

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