There is a requirement of submitting an Annual Return on Foreign Liabilities and Assets (FLA) by Indian company which has received FDI or made ODI abroad or an LLP which has received investment by way of capital contribution in the previous year(s) including the current year, to the Reserve Bank on or before the 15th day of July of each year. Who is required to file FLA return Every Company who holds foreign assets or liabilities in their financial statements as on 31 March or an LLP which has received investment by way of capital contribution and is outstanding as on 31st March is required to file FLA return. If the Indian company does not have any outstanding investment in respect of FDI and/or ODI as on 31st March of the reporting year, the Company is not required to file the FLA Return. Similarly, if the Indian company has not received any fresh FDI and/or ODI in the latest year but the company has outstanding FDI and/or ODI, then that company is still required to file the FLA Return 15 July of every year. Online – Web-based reporting through FLAIR RBI through a Circular dated 28th June 2019 has announced that FLA return is now to be submitted through a web-based online reporting system instead through email.
DUE DATE OF ITR EXTENDED
The government extended the deadline for filing income tax return for assessment year 2019-20. The deadline of July 31, 2020 has been extended by 2 month. That means the assessees can file their income tax return (ITR) for financial year 2018-19 by September 30 without any penalty charges. Notification in S.O. 2512(E) dt. 29th July, 2020.