TaxTMI 
TaxTMI 
TaxTMI 
Please suggest:As per Companies (Acceptance of Deposits) Rules, 2014.'deposit' includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include--point no. (viii)-- any amount received from a person who, at the time of the receipt of the amount, was a director of the company:Query 1: for e.g. x was not a director as on 15.04.2012 give loan of Rs. 10 lacs to company xyz. after that he became director on 15.07.2013 and was a director on 01.04.2014, will this loan of Rs. 10 lacs be covered under deposit or not for filing DPT-4??Query 2: for e.g. x was not a director as on 15.04.2012 give loan of Rs. 10 lacs to company xyz,after that he became director on 15.07.2013,after that on 20.08.2013 company repay loan of Rs. 3 lacs to X, closing balance is Rs. 7 lacsafter that x gives further loan of Rs. 6 lacs on 30.09.2013, closing balance Rs. 13 lacs,what amount of closing balance as on 01.04.2014 of Rs. 13 lacs be covered under deposit for filing DPT-4??Thanks a lot in advance for your valuable time.
Form DPT 4 ( Query on Deposit Defination )
CABIJENDERKUMAR BANSAL
Deposit definition exemption: loans made before appointment as director may be excluded from DPT 4 reporting subject to transactional chronology. Whether a sum is a deposit for Form DPT 4 depends on the lender's status at the time of receipt; amounts received before a person became a director may be excluded under the clause excluding sums received from persons who were directors at the time of receipt, while repayments and later advances require tracing each receipt and repayment to determine the closing balance subject to disclosure. (AI Summary)
