FLA Return DUE date 15 July 2023


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	Blog Categories All Audit and Assurance (0) COMPANY LAW (3) FEMA (2) Income Tax (3) Labour Law (0) MISC. (7) RBI (0) Startups (38) TRADEMARK (44) FLA Return DUE date 15 July 2023 Category: FEMA, Posted on: 01/07/2023 , Posted By: VGC ADMIN Visitor Count:111 Annual Return Foreign Liabilities and Assets (FLA) under FEMA Act What is Foreign Liabilities and Assets (FLA)? International transactions are gaining boost and many companies are getting foreign investments. Therefore, RBI has placed a mechanism whereby the onus has been on companies to report such transactions to their Foreign Liabilities and Assets (FLA). FLA is an annual return that shall be filed by every company that has either received foreign direct investments (FDI) or has made any overseas investments (ODI). Which companies are required to submit the FLA Return? Any Indian company that has received FDI or made any overseas investment in the previous year including the current year i.e. who holds foreign Assets or Liabilities in their Balance Sheets shall be required to file the Annual FLA return. The following persons are required to file the FLA return: Limited Liability Partnerships (LLPs) Companies Any other body [like partnerships, SEBI registered AIFs, Public-Private Partnerships (PPP) etc.] In case of partnerships that have undertaken FDI or ODI transactions, the partnership firm shall request the RBI to issue a dummy CIN pursuant to which it shall file its FLA return. In case the RBI has already issued a dummy CIN, then the partnership firm shall use the same for filing the FLA return. FAQ ON FLA Return 1.If a company did not receive FDI or made overseas investment in any of the previous year including the current year, do we need to submit the FLA Return? If the Indian company does not have any outstanding investment in respect of inward and outward FDI as on end-March of reporting year, the company need not submit the FLA Return. 2. If the company has not received any FDI / made overseas investment in the latest year, do they need to submit the FLA Return? If a company has not undertaken any such transaction during the current year but has outstanding ODIs or FDIs of the previous years, still it needs to file its FLA return disclosing the balance of assets and liabilities in the FLA Return every year by July 15. 3. If balance sheet of the company is not audited before the due date? Then what to report in FLA return? If the company’s accounts are unaudited before the due date of submission, i.e. July 15, then the FLA Return should be submitted based on unaudited (provisional) account. Once the accounts get audited and there are revisions from the provisional information submitted by the company, they are supposed to submit the revised FLA return on basis of audited accounts on or before 30^th September. 4. What are the consequences in case FLA Return is not submitted by 15th July, as accounts are not audited as yet, and Company do not wish to file it with unaudited figures? Is there penalty or prosecution to be there on company under FEMA? FLA is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15 every year. Non-filing of the return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA and shall be liable for penalty of thrice the amount involved in the contravention in the case where the contravention is quantifiable. However, if the contravention is not quantifiable, then the company shall be liable to pay Rs. 2 lakhs for the contravention. Further, in case of continuing contravention, a penalty of Rs. 5000 per day shall be paid by the company. Therefore, it is important to comply with the requirements of FLA returns. In case of any query or assistance in FEMA compliances, please feel free to Contact VGC. 5. Whether compounding can be done for contravention in the filing of FLA return? Non-filing of the return before due date is case of contravention in the filing of FLA return, Regional Offices of RBI have been authorised to compound the contraventions. Therefore, an application can be made for the same. 6. Whether LLP or partnership firms are required to file FLA returns? Yes. If the partnership firms or limited liability partnership firms have received FDI or have made any overseas direct investment (ODI), they are required to file the FLA return. Therefore, it is important to comply with the requirements of FLA returns. In case of any query or assistance in FEMA compliances, please feel free to Contact VGC. Disclaimer: The content of the blog does not create any responsibility of the firm / its authorized persons whose website is being accessed. The blog is not for legal use. Kindly verify the correctness of data/contents from your own sources. This is only for information purpose. Add a Comment Name: Your Comment: View Comments (0)

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