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Published: June 23, 2023
Updated: June 23, 2023

Ministry of Corporate Affairs Extends Deadline for Reporting Outstanding Receipts through form DPT 3

The Ministry of Corporate Affairs (MCA) in India has granted businesses an additional month to report their outstanding receipts without incurring any additional fees. The extension comes as the MCA21 compliance portal undergoes a transition. This article explores the details of the deadline extension and its implications for companies in India.

Extended Deadline for Reporting Outstanding Receipts:

The MCA has decided to provide an extra month for companies to file Form DPT3, disclosing their outstanding receipts for the financial year ending on March 31, 2023. Previously, the deadline for submission was set for the end of June.

Reason for Extension:

The official order states that the extension is granted due to the ongoing transition of the MCA21 portal from version 2 to version 3. This transitional phase necessitates additional time for businesses to comply with reporting requirements.

Enhancing Accountability and Transparency:

The disclosure of outstanding receipts through Form DPT3 plays a crucial role in promoting accountability and transparency among companies regarding their loan obligations. By extending the deadline, the MCA aims to facilitate a smooth transition and ensure accurate reporting.

Exclusion of Financial Institutions:

It's important to note that banks, non-banking financial institutions, and mortgage lenders are exempted from this reporting requirement. The focus remains on companies' loan-related transactions.

Revamping the MCA21 Portal:

The MCA21 portal is currently undergoing a revamp, including the introduction of new web- based forms. Similar efforts were undertaken for limited liability partnerships (LLPs) in the past year. The ministry is actively engaging with professionals and company representatives through stakeholder consultations across the country to address concerns and provide guidance. Recently, a consultation session took place in Kolkata.

Previous Fee Waivers:

The ministry has previously granted fee waivers during the rollout of new forms, demonstrating a commitment to supporting businesses during transitional periods.

The Ministry of Corporate Affairs' decision to extend the deadline for reporting outstanding receipts reflects its understanding of the ongoing transition and the challenges businesses may face during this process. By providing additional time, the MCA aims to ensure a seamless transition to the new MCA21 portal and enhance reporting accuracy. Companies should take advantage of this extension to fulfil their disclosure obligations effectively.