Table of Contents
Is it compulsory to file MSME Form 1?
Every company is required to file the MSME Form I as half yearly return by 31st October, effective for the period from April to September and once again by 30th April for the period October to March every year, relating to the outstanding payments to MSMEs.
Is MSME form compulsory?
The Form can be digitally signed by Director, CEO or the company secretary in full time employment of the Company. WHETHER ALL COMPANIES HAS TO FILE MSME FORM I? No, only the specified Companies has to file MSME Form I and if there are pending payment beyond 45 days. Hence no NIL Return is required.
How can I file MSME Form 1 online?
The step by step procedure for filing MSME Form 1 is as follows;
- Step 1: Download e-form.
- Step 2: Fill CIN.
- Step 3: Enter Basic Details.
- Step 4: Details for Initial Return.
- Step 5: Details for Half-yearly Return.
- Step 6: Edit any incorrect information.
- Step 5: Enter the amount of due payment.
What are the compliances for MSME?
If you are operating as an MSME, you must ensure that all your suppliers are registered under the MSME Act. Again if you are MSME, you must check for any due payment from the end of a financial year. And you must ensure that dues are not exceeding 45 days from the acceptance of good and service.
Is it mandatory to file DPT 3?
According to the rule 16A, DPT-3 must be filed by all the companies who have received money and loan which is due. The DPT-3 form must be filed by all the companies including small, private, non-small, OPC, etc. Both secured, unsecured Loans along with advance for goods and services must be filed in the DPT-3 Form.
Is filing nil DPT 3 Necessary?
Form DPT-3 is required to be filed by deposit-taking companies, public financial institutions, and private sector banks. Companies should file the ‘nil’ return if their total deposit liability does not exceed rupees ten lakhs during the quarter.
What are not considered as deposits?
Transactions not considered as deposits Any amount received from the government or guaranteed by the government, foreign government/foreign bank. Any amount received from a company by a company. Subscription to securities and call in advance. Any other amount which is not considered as a deposit under Rule 2(1)(c).
What is the penalty for not filing DPT 3?
DPT 3 Late Fees
| Period of delays | Late Fee for DPT 3 |
|---|---|
| Up to 30 days | Two times of normal fees |
| More than 30 days and up to 60 days | Four times of normal fees |
| More than 60 days and up to 90 days | Six times of normal fees |
| More than 90 days and up to 180 days | Ten times of normal fees |