https://www.taxtmi.com/circulars?id=65902 A uniform Late Submission Fee (LSF) matrix applies to FEMA reporting delays: periodic/non-flow returns incur a fixed LSF while transactional/flow returns attract a fixed component plus a variable component equal to a percentage of the amount involved ('A') multiplied by the years of delay ('n'), with 'n' rounded upwards to the nearest month. The maximum LSF is capped at the amount involved, rounded to the nearest hundred. The opt-in facility for LSF is available up to three years from the reporting due date, and failure to submit or pay LSF exposes the person to penal action under FEMA; provisions take immediate effect for eligible delayed filings. en-us Fri, 30 Sep 2022 00:00:00 +0530 Fri, 30 Sep 2022 18:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65902 A uniform Late Submission Fee (LSF) matrix applies to FEMA reporting delays: periodic/non-flow returns incur a fixed LSF while transactional/flow returns attract a fixed component plus a variable component equal to a percentage of the amount involved ('A') multiplied by the years of delay ('n'), with 'n' rounded upwards to the nearest month. The maximum LSF is capped at the amount involved, rounded to the nearest hundred. The opt-in facility for LSF is available up to three years from the reporting due date, and failure to submit or pay LSF exposes the person to penal action under FEMA; provisions take immediate effect for eligible delayed filings. Circulars FEMA Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65902