Introduction:
FLA stands for Foreign Liabilities and Assets. It’s an Annual Return on Foreign Liabilities and Assets required to be filed by an Indian Company and LLP to RBI within the prescribed due date. This Return is filed Online on RBI Portal.
The said return requires a lot of details to be filled including but not limited to basic details of the Company/LLP, Financial details, details of Investment made in India, details of foreign assets, and details of foreign liabilities of Company/ LLP.
FLA stands for Foreign Liabilities and Assets. It’s an Annual Return on Foreign Liabilities and Assets required to be filed by an Indian Company and LLP to RBI within the prescribed due date. This Return is filed Online on RBI Portal.
The said return requires a lot of details to be filled including but not limited to basic details of the Company/LLP, Financial details, details of Investment made in India, details of foreign assets, and details of foreign liabilities of Company/ LLP.
Requirement to file FLA Return:-
The FDI and/or made overseas investment in the previous year(s) including the current year has to file an Annual return on Foreign Liabilities and Assets (FLA). Hence, any Company or LLP that has foreign assets or liabilities in the balance sheet must file an FLA return.
Due date of Filing of FLA Return:-
The companies are required to submit the FLA Return based on audited/unaudited accounts by July 15 of every year.
If the FLA Return is submitted on the basis of the unaudited account by July 15, they are required to submit the revised FLA return based on audited accounts by the end – September i.e. 30th September.
Penalty for Non-Compliance:
Non-filing of the return before the due date will be treated as a violation of the Foreign Exchange Management Act, 1999 (FEMA, 1999) and may attract penal consequences.
The said return requires a lot of details to be filled including but not limited to basic details of the Company/LLP, Financial details, details of Investment made in India, details of foreign assets, and details of foreign liabilities of Company/ LLP.
Sat, 15-Apr-2023