In case where account closing period of the entity is different from reference period (end-March), can we report the information as per account closing period?
Annual Return on Foreign Liabilities and Assets (FLA) under FEMA 1999 - As on Nov 14, 2022
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Foreign liabilities and assets reporting must follow the March reference period, not an entity's own year-end. An entity must report the Annual Return on Foreign Liabilities and Assets for the prescribed reference period ending in March and cannot use a different account closing period; reporting should cover the previous March and the latest March reference dates, with the entity allocating items to each reference date based on its internal assessment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign liabilities and assets reporting must follow the March reference period, not an entity's own year-end.
An entity must report the Annual Return on Foreign Liabilities and Assets for the prescribed reference period ending in March and cannot use a different account closing period; reporting should cover the previous March and the latest March reference dates, with the entity allocating items to each reference date based on its internal assessment.
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