Filing of DPT-3 where there are transaction during the year but no outstanding.

[Abhilash Gupta]

Sir/Madam,

In one of our group company there are the some transaction relating to loan but all the loans has been repaid and there is no outstanding as on 31.03.2023. So, are we required to file DPT-3 in that case?.

Some suggests that NIL Return is also required to be filed.

Kindly Enlighten.

[Vinod Kumar Agarwal]

No return to be filed in my opinion. I hope there are also no advances from customers

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[Bharat Kapoor]

Not required to file DPT-3, if there is no outstanding deposit or exempted deposit as on 31.03.2023

Best Regards

Bharat Kapoor

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[YASHAPRABHA MANMOHANDAS]

There is opening balance of loans and repaid during the year and closing balance is NIL. In such cases shouldn't we file DPT-3? 

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M.Yashaprabha

[Bharat Kapoor]

Not required

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[CS Paras Parikh]

According to me, now this year onwards we need to report this transaction in to DPT 3, since they have specifically asked for Op. Bal, Addition, Deletion, Adjustment if any and cl. bal. , even DPT 3 NIL is also being filed , so i think we need to file DPT 3 for NIL amt though there is wording like o/s as on 31.3.23.

Others views are invited.

[Hinna Garg]

Dear All

A foreign Company was shareholder in our Company as on 31st March, 2022 but during FY 2022-23 that foreign company ceased to be shareholder. Now as on 31st March, 2023, the Company has no outstanding foreign investment. 

So please advise whether the Company is required to file FLA return for FY ended 31st March, 2023. 

As per me, we are not required as the Company has no foreign investment as on 31st March, 2023. (Requisite FAQs - Q.No. 14).

Kindly advise.

Regards

Hinna Garg

[Keertu Hari]

Not required to file FLA returns.

 During transfer of shares from non resident to resident , the company would have filed compliance requirements with RBI in firms portal viz., FC-TRS etc .,

As the compliance requirements is in order, the firm need not report the same again in fla returns. Others views please.

Thanks & Regards,

CS Balambika 

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[Bharat Kapoor]

Not required to file this year.

Best Regards

Bharat Kapoor

[Vinay Singh]

Sir

I have a question

 whether subscription money received from foreign holding company is required to file FLA return. 

Wheather its covered in FDI if yes then what's the meaning of below line.

In FAQ THERE IS ONE QUESTION AS DETAILED BELOW, NEED TO KNOW the meaning of this 

 Q10. If an entity has only share application money, then is that entity

supposed to submit the FLA return?

Ans: If an entity has received only share application money and does not have any foreign direct investment or overseas direct investment outstanding as on  end-March of the latest FY, it is not required to fill the FLA return

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[Keertu Hari]

Share application money is an advance amount received from the shareholder to purchase the shares of the company. Under this circumstances, there is chances of returning back the application money if not allotted within prescribed time. Here, the person is not known to whom the shares of the company will be allotted.

Whereas

Subscription amount is an agreement made by the subscriber to purchase the shares of the company. Here, the subscriber becomes legal bound to pay the share capital amount.

The subscriber is known, who would be allotted the shares of the company.

Hence, only on allotment of shares, the amount gets transferred to share capital of the company untill then the amount lies under column head amount pending for allotment.

That's why any amount received as share application money need not file FLA returns and subscription amount received from foreign investors need to file FLA returns as the share capital includes foreign direct investment.

Thanks and regards,

CS Balambika 

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[Vineet Maheshwari]

Rightly said, share application money should not be included in the Capital. But as per my view in the FLA return,  All foreign assets and liabilities of the Company on 31st March need to be shown hence the share application money from foreign sources need to be shown in Col. 4 (1.4 Other payable accounts) of Section III, if it is from Foreign Unrelated Parties.

Thanks     

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[Apeksha Chowhan]

Have any one  filed form FLA under late submission fees (LSF)

Regards,

Apeksha 

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[CS Subrat Sahoo]

Hi,

Do we really need to pay LSF for FLA returns or go for compounding ?

CS Subrat Sahoo

[LLB, M.Com, Company Secretary]

Assuring you of my best and prompt services at all times.

       

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[Shilpa Srivastava]

If there is an error in the FLA filed how soon can we file a revised return? the site shows after 14 August. Will this amount to delay in filing return although the return has been filed within due date but a typographical error is to be rectified.

On Tue, Jul 4, 2023 at 9:24 AM Hinna Garg <hinna...@gmail.com> wrote:

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Best Regards

Shilpa Srivastava