A pvt company has held customer advance for more than 365 days, Now this advance will be termed as deposits.
Now what is further course of action that such pvt company needs to do.
1. whether It needs to file DPT 3 or
2. The company has non complied with Deposit rules and has to face penal provisions.
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if the Company has taken the advance from the Customers for more then the period of 365 days, it would be deemed as the contravention of section 73 of the Companies Act 2013 and the Company would be liable for the penal consequences under section 76 of the Companies Act 2013 .
The Company needs to file form DPT 3 on or before 30th June of every year
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