Monday, July 19, 2021

Annual Return on Foreign Liabilities and Assets Filing Due Date and Procedure

Who is required to file FLA Return:

FLA return is required to be filed mandatorily under FEMA 1999, by all LLPs, Private limited or Limited Companies, which have received Foreign Direct Investment or made foreign investment in the previous year(s) including current year.

Due Date:

The due date for filing FLA return is 15th of July every year.

If a company or LLP accounts are not audited before the due date of return, then the FLA Return can be submitted based on the unaudited accounts. However, once the accounts get audited and if there are significant revisions from the provisional information submitted by the company, then a revised FLA return should be submitted by September 30th.

Procedure for Registration and Filing of FLA Return:


·   Verification letter: The soft copy of the verification letter (doc) is available on FLAIR portal i.e. on; companies/LLPs/Others are required to download the same, fill the required details and thereafter .pdf file of the verification letter should be attached in User Registration Form under authorised person’s details.

·    Authority letter: The soft copy of the authority letter (doc) is available on FLAIR portal; companies/LLPs/Others are required to download the same, fill the required details and this authority letter has to be signed by concern authority, and thereafter .pdf file of the letter should be attached in User Registration Form under authorised person’s details.

Creation of New Entity User

In case your company has already registered on the FLAIR portal earlier, proceed to filling the FLA Return or if you are a new entity, go to Step 1.

Step 1: Click on Registration form for New Entity User

Step 2: On clicking the above, FLA User Registration form will be displayed on the screen.

Step 3: Fill all the details in the FLA User Registration Form.

There are three parts in the FLA User Registration Form: (A) Entity Details; (B) Authorized Person's Details; (C) Attachments (Verification Letter and Authority Letter)

Step 4: Click on Submit button after filling all the details.

Step 5: Login with the User Name and Password as provided to the authorised person in the registered email. The user would be asked to change his/her password upon first time Login

Filing of FLA Return:

  • Once the registration process is completed proceed to file the FLA Online Form. In case you are filling the returns for an old entity, you can proceed to file the FLA online Form with previously used username and password. No need to register afresh.
  • Logon to the FLAIR Portal with the USER ID and PASSWORD of the Concerned Entity. After Successful Login, click on the FLA Online Form and select the appropriate year from the drop down list then click on “Start Filing FLA Form"
  • The form is divided in four sections; we are required to fill and validate each section and proceed to the next section after validating the previous one.
  • The fields in the “FLA Online Form” for each sections are described as follows:-

Section I (Basic Details):-

The fields in Section I are about basic details of the Entity such as Name of the Entity, PAN No., CIN No., Email Id, Nature of Business, Type of Entity, etc.

Apart from the basic details, the following table needs to be filled with appropriate data:


              Section II (Financial Details):

        Section III Foreign Liabilities (Investment Made In India):

           Section IV (Foreign Assets):

            Section V (Variation Report):

The table given in the screenshot below will come with numbers in column 1, 2 and 3 in accordance with what is entered in the previous Sections:

 Compiled by Ms Shivangi and Ms Pooja at Sandeep Ahuja & Co

Monday, July 5, 2021

TDS Amendments on Purchases Under Section 194Q effective from 01.07.2021


Guidelines  Issued  on 194Q of Income Tax Act

 Circular No.13 of 2021

The newly inserted section, 194Q which takes effect from 1st July, 2021 applying on:

 any buyer who is responsible for paying any sum to any resident seller for purchase of any

goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year.

The buyer, at the time of credit of such sum to the account of the seller or at the time of

payment, whichever is earlier, is required to deduct an amount equal to 0.1 % of such sum

exceeding fifty lakh rupees as income tax.

 Few clarifications are made to remove difficulties in implementation of the Section.

Amendments and applicability at a Glance 

Please Click to see the amendments and applicabilty at a glance

Compliled by Ms Shivangi at Sandeep Ahuja & Co.

Thursday, July 1, 2021


Extension in Timelines Under Income Tax

The Govt. has provided certain reliefs to taxpayers vide press note posted on 25 June 2021 by PIB Delhi


Previous Due Dates

Extended due Dates




Linkage of Aadhaar with PAN

30th June, 2021

30th September, 2021

Last date of payment of amount under Vivad se Vishwas (without additional amount)

30th june,2021

31st Aug 2021*

-          do-  ( with Additional Amount)


31st October, 2021*

TDS return for Quarter 4 FY 2020-21

30th June 2021

15th July 21.

Application in Form No. 10A/ Form No. 10AB, for registration/ provisional registration/ Intimation/approval/ provisional approval of Trusts/Institutions/ Research associations etc.

30th June,2021

31st Aug 2021

The compliances by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action etc.for any exemption under the provisions contained in Section 54 to 54GB of the Act, which were due from April 21 to 29.09.21(both days inclusive)


30th Sept, 2021

Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21,

30th June, 2021

31st July, 2021

Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245M of the Act in Form No. 34BB,

27th June

31st July, 2021




Furnishing  Form 16 to the employee

15th July, 2021

31st July 2021

Form 64 C /64D required to be furnished in case of Income paid or credited by an Investment fund to its unit holder for FY 20-21

30th June, 2021

15th July,2021

Quarterly Statement Form No. 15CC  by authorized dealer in respect of remittances made for the QE 30th June, 2021

15th July, 2021

31st July, 2021.

Uploading of the Declarations received  in Form No. 15G/15H during the quarter ending 30th June, 2021

15th July, 2021

31st August,2021







Time Limit for passing assessment order

30th June, 2021

30th Sept, 2021

Time Limit for passing penalty order

30th June, 2021

30th Sept, 2021

Time Limit for processing Equalisation Levy returns

30th June, 2021

30th Sept, 2021

Income Tax India New Portal - Easy Step to step Guide

New Income Tax site is launched but every facing problem. This New Site is very User Friendly and has been launched for ease of the users.

It is more User Friendly

It is more Secure

Only we have to register our DSC again and like GST site now Income Tax and TDS returns uploading files DSC will be required to be attached with the system from from where it is being uploaded.

Here we are giving a Guide to use the New site with Ease.  As people have started receiving notices so we have covered 

1. How  to use the New Income Tax Portal for responding to the notices
2. Pre requisites to avail E proceeding services and step by step guide for same
3. For defective notices under Section 139(9)
4. For submitting responses to intimation under section 245 for adjustment of demands
5. For Submitting response to prime facie addition under section 143(1)(a)
6. For submitting response to Suo- moto rectification under Section 154
7.  For Viewing responses filed, for submitting responses to notices and seeking adjournment
8.  For responses with respect to compliance related matters
9.  For seeking video conferencing
10  For viewing and submitting responses for clarification communication notices & adding and withdrawing Authorized Representative for any matter.

We will continue further also for all forms, deductions in case of assessee of various categories

Compiled by : Ms Shivangi Article Assistant at Sandeep Ahuja & Co