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Foreign Liability and Assets Annual Return (FLA Annual Return)

"What is FLA annual return? FLA annual return is a compliance that that have to be met by the companies that are involved with Foreign Direct Investment or Overs"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/rbi/foreign-liability-assets-annual-return-fla-annual-return.html

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Foreign Liability and Assets Annual Return (FLA Annual Return)

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  1. FOREIGNLIABILITYANDASSETSANNUALRETURN(FLA ANNUALRETURN) AUTHOR:MAYANKJHA https://taxguru.in/rbi/foreign-liability-assets-annual-return-fla-annual-return.html WhatisFLAannualreturn? FLA annual return is a compliance that that have to be met by the companies that are involved with Foreign DirectInvestment or Overseas Direct Investment. FLA return covers all the foreign investments made by company and/or to the company and it must be directly submittedby the company to theReserve Bank of India. WhoneedstofileFLAreturn? EverycompanywhichhasmadeOverseasDirectInvestmentorreceivedForeignDirectInvestment.The companies have to report the current financial year’s FLA as well as the previous year’s assets and liabilities. In case a company doesn’t have any foreign assets or liabilities in the current year but has outstanding ODI or FDI fromthepreviousyear(s),itmust filetheFLAannualreturnindicating theiroutstandingassetsorliabilities. AspertheFEMAregulationsifapartnershipfirmhasmadeODIorreceivedFDImustfileFLAannualreturn. InthiscaseRBI willissueadummy CINuponits requestwhichwillbe usedonlyfor theFLAannualreturn. FilingofFLAannualreturn Reserve Bank of India in the year 2019, introduced a new web-based interface, FOREIGN LIABILITIES AND ASSETS INFORMATION REPORTING (FLAIR) SYSTEM, for the purpose of accepting returns via web i.e. https://flair.rbi.org.in/fla/. The first time users need to register themselves on the FLAIR prior to filing FLA return. CorporateentitiesarepermittedtogetanyclarificationforsubmissionofFLAreturnsonlandlineno.ofRBI: (022)26578662/26578217/26578348/26578214/26578340/26578241andthoroughemailIDas surveyfla@rbi.org.in Non-applicability FollowingcompaniesareexemptedfromfilingFLAreturn CompanieswhichthathaveonlyreceivedshareapplicationmoneyandhavenotreceivedanyFDIormade anyODI

  2. CompanieswhichdoesnothaveanyoutstandingbalanceofODIand/orFDIbytheendofthefinancial year. ShareissuedbythereportingCompanytonon-residentsonnon-repatriablebasis. Non-compliance Incaseofnon-compliancetheconcernedentityshallbeliableforpenaltyandpenaltyclausemaybeinvokedfor suchviolation.

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