Belated filing of fla return under fema act

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Sravanidhar (Querist)
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02 January 2015 Hai, one of the client of my audit firm have not filied FLA return. is there any scope of rectification?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 January 2015 Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999 and it is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15 every year. Non-filing of the return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA.

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