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FLA Return (Foreign Liabilities and Assets) - Due Date - Filing
SAHU & ASSOCIATES:FLA Return (Foreign Liabilities and Assets)
What is FLR (Foreign Liabilities and Assets) Return?
It is an annual return notified under Foreign Exchange Management Act, 1999 and is required to be submitted by all the Indian companies which have received FDI or made overseas investment in any of the previous years.
What is the due date for filling FLA Return?
It needs to be submitted by 15th July of the next financial year i.e. for f.y. 2015-16, it needs to be submitted by 15th July 2016.
What details needs to be reported in FLA return?
Companies financial details along with other relevant details needs to be filled in the return based on the audited financial accounts. In case companies account are not audited before the due date of submission, then it should be submitted based on unaudited data. And, once the auditis complete FLA return needs to be revised based on audited accounts by end of 30th September.
Whether FLA Return is required to be submitted by Partnership Firms / branches / trustees who have made Overseas Direct Investment / Outward Foreign Direct Investment (FDI)?
Yes, if they have any outstanding FDI as on the closing of financial year they are required to submit FLA return.
Is it required to submit Annual Performance Report for ODI, if we have submitted FLA Return?
FLA Return and Annual Performance Report (APR) for ODI are two different returns and monitored by two different departments of RBI. So you are required to submit both the returns if these are applicable the company.
What will happen if the return is not submitted by 15th July of the next year?
It will be considered as violation of FEMA, 1999. In this case the assess needs to go for compounding of offence and relevant fees and penalties under FEMA, 1999 needs to be paid.