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FLA Return

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INTRODUCTION

The Indian company’s investments made outside India, foreign investments, lending to foreign entities, borrowings from foreign entities and the trade receivables and payables are various types offoreign assets and liabilities of an Indian Company. For informing the government about the same, a return is filed which we name it as “FLA Return”. So, all the Indian companies are required to prepare an excel based return that is submitted to RBI.

With the advent of industrialization and the rapid spread of technology across the globe, no doubt the Earth has become a small world. This relative closeness of nations has further facilitated the ease of doing business across the countries, and one can now actually run the business across numerous nations.

As far as our country, India is concerned, the already easy extent of business doing is further helped by the provision of foreign direct investments and exclusive rights of doing the business and hence the government seeks the records and returns of the assets of any individual overseas to maintain transparency across the board.

Literally speaking, Foreign Liabilities and Assets (FLA) Return is filed annually by those entities having foreign assets or liabilities in their balance sheets are required to submit FLA Return. Carry on and read further in the article to know about the same in-depth.

APPLICABILITY

All the companies residing in Indiawhich have received FDI (foreign direct investments) or overseas investment in any of the previous years including the current year which have foreign assets or liabilities in their balance sheets.

Also, the given below categories are also required to submit FLA Return under FEMA.

  • All Indian Resident Companies;
  • Partnership Firms including LLP;
  • SEBI registered AIF (Alternative Investment Funds);
  • PPP (Public Private Partnerships)

KEY HIGHLIGHTS

  • Due date of filing FLA Return is 15th July of every year.
  • Authorized signatories who are responsible to file FLA return are Company Secretary, Chief Financial Officers and Directors.
  • FLA Return is inclusive of financial details as well as other required details in accordance with the company’s audited accounts.
  • Even if the accounts are not audited, still the company is required to file the FLA Return by submitting unaudited accounts.
  • In case of any occurrence of changes made in the company’s financials, the company has to file another form with the updated details before the due date.

DOCUMENTS REQUIRED

  1. Incorporation Certificate of the business entity
  2. Memorandum of Association
  3. Article of Association
  4. Email Id and Mobile No. of the entity
  5. Nam of the authorized person
  6. PAN NO. of the authorized person
  7. Email Id and mobile No. of the authorized person
  8. Audited, provisional, financial statement
  9. Previous year’s copy of FLA Return

NON COMPLIANCE

As per Section 13 of the Foreign Exchanges Management Act, filing of FLA Return has been mandated by the FEMA Act, 1999. And in case, if any company does not comply with the law, then it has to go through the consequences of the same. The consequences include: –

  • The amount of penalty includes 3 times of the sum involved in contravention or Rs. 2 Lakh if the offense is not measurable.
  • In case of continuance contravention occurring every day then, Rs. 5000 for every day after the first day shall be chargeable.

EXEMPTION

The following mentioned companies are exempted to file FLA Return, namely:

  • Companies having issued shares on a non-repatriable basis to non-residents of India
  • Companies not having any outstanding balance of FDI or ODI by the end of the financial year
  • Companies that have only received share application money and not received any FDI or have not made any ODI.

*Non-repatriable basis: it includes investments wherein the principal and gains made by the individual are retained in the country.

FLA Return

Step by Step Registration Process

Collection of information

The necessary information and details are required from the client for filing of FLA Return.

Preparation of return

After all the required information is received by us, the next step is to simply prepare FLA Return.

Filing of FLA Return

And the last step includes, filing of FLA Return with RBI.

Expert Assistance


Our experts having vast knowledge are there to help you whenever required.

Free Guidance


Not only during the process but also in the future, being in contact with us, you can get guidance.

Filing of return


Your FLA Return Filing is our responsibility and we will be  completing the responsibility before time.

Solution to all your queries


You can directly contact us on our phone number or email us to get solution to all your queries.

What you get in this package?

We are offering you ultimate package of FLA Return filing.

EAdvisors FLA Return Filing package includes expert assistance, free guidance, filing of return, solution to all your queries.

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FLA Return Filing

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Frequent Asked Questions

FLA Return

FLA Return is a return to be filed mandatorily every year under FEMA 1999. It is a return required to be filed by every Indian Company having foreign direct investment or overseas investments in the previous or current year.

The due date of filing FLA Return is 15th July which is required to be filed every year. As it is a mandatory provision under FEMA Act, non-filing of the FA Return will attract penalty and offences.

First of all, a new company is required to get registered. And then excel based FLA return form is prepared which is filed before 15 July every year. After successful submission of FLA Return, RBI will send an email for confirmation of FLA Return filing. Contact EAdvisors for easing out your burden and hassle-free filing of FLA Return with the RBI.

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