Do you how to file FLA Return?

FLA Return or Annual return on Foreign Liabilities and Assets is filed with the Reserve Bank of India (RBI) on FLAIR (Foreign Liabilities and Assets Information Reporting) Portal on or before 15^th July every year for the Financial Year ending on 31^st March of that year.

This article covers all the provisions related to filing of FLA.

1. Filing of FLA return on FLAIR portal

Fill user registration from. The details required in the form are Type of Entity, CIN, and other details along with details of Authorised Person.

Authority Letter is uploaded while registering on the FLAIR Portal. The format of Authority Letter is attached on the registration page.

Verification Letter is required and the format of the same is also available on portal.

After Successful registration on FLAIR portal, the form is filed.

The form is divided in 4 sections. After completing information in all sections, the form is submitted and acknowledgement is generated.

The form may be filed on provisional basis or final basis depending on the availability of Provisional or Final Audited financial Statements respectively.

If Form is filed on provisional basis then revised return is filed after approval from RBI through FLAIR portal.

2. Steps to file FLA

Login on FLAIR portal with User name and password and entering OTP sent on email id.
Click on Menu Tab.
Click on online FLA form and select the option “FLA online form”
Select the year and click on “Start filing FLA Form”
Fill all the 4 sections and submit the form
Acknowledgement will be generated
Download the form and acknowledgement.

3. How to revise the FLA return?

After the due date of filing the FLA return, the final figures are submitted once the Financial Statements are audited.
The first step to revise the return is to login to the FLAIR portal.
Click on Menu tab, select Online FLA form and click on FLA online form.
Click on the option “Please click here to get the approval to fill revised FLA form for current year after due date/previous year” and then select the year, click on and click “Request”
Wait for One day for approval.
Check the status of approval in “Multiple Year Enable Section”
After approval, file revised return and submit the form.
Download the form and acknowledgement.

4. When is FLA required to be filed?

FLA is required to be filed if there is outstanding FDI (Foreign Direct Investment)/ODI (Overseas Direct Investment) in the Balance Sheet.

The following entities are required to file the return:

A Company within the meaning of section 1(4) of the Companies Act, 2013.
A Limited Liability Partnership (LLP) registered under the Limited Liability Partnership Act, 2008
Others [include SEBI registered Alternative Investment Funds (AIFs), Partnership Firms, Public Private Partnerships (PPP) etc.]

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