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:

Pre-Requisites

·   Verification letter: The soft copy of the verification letter (doc) is available on FLAIR portal i.e. on https://flair.rbi.org.in; 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