Form DPT-3 is mandatory for all companies except Govt. Co? is there any conditions for filling DPT-3 form? and What if the company cannot file DPT-3 Form even though company have Deposits?
If the company does not adhere to the requirements of DPT 3 and keeps accepting deposits then it will face the following consequences Under Section 73 A penalty of minimum 1 crore or twice the amount of deposits whichever is lower, which may extend to Rs. 10 crore For every officer who is in default imprisonment up to 7 years and with a fine not less than Rs. 25 lakhs which may extend to Rs. 2 crores. Under Rule 21: On the company and every officer in default a fine which may extend up to Rs. 5000, and where the contravention is a continuing one, a fine of Rs. 500 for every day since the default. Others: There is no established view, if a NIL return must be filed, however, it is always beneficial to take the conservative approach and file a NIL return.
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