What will be the consequences in case we do not file the said FLA Return by July 15, as our accounts are not yet audited, and we do not wish to file it with unaudited figures. Will there be any imposition of penalty or prosecution initiated against the entity by RBI or FEMA?

What will be the consequences in case we do not file the said FLA Return by July 15, as our accounts are not yet audited, and we do not wish to file it with unaudited figures. Will there be any imposition of penalty or prosecution initiated against the entity by RBI or FEMA? https://www.taxtmi.com/manuals?id=5996 Non filing of the FLA return by the due date constitutes a violation of FEMA reporting obligations and may attract penalties; relevant notifications and RBI circulars set out the framework for penalty imposition and related enforcement measures, so omission to file-even due to unaudited accounts-exposes the entity to penalty or prosecution risk under FEMA. en-us Thu, 28 Nov 2024 14:19:00 +0530 Thu, 28 Nov 2024 14:19:00 +0530 TaxTMI RSS Generator What will be the consequences in case we do not file the said FLA Return by July 15, as our accounts are not yet audited, and we do not wish to file it with unaudited figures. Will there be any imposition of penalty or prosecution initiated against the entity by RBI or FEMA? https://www.taxtmi.com/manuals?id=5996 Non filing of the FLA return by the due date constitutes a violation of FEMA reporting obligations and may attract penalties; relevant notifications and RBI circulars set out the framework for penalty imposition and related enforcement measures, so omission to file-even due to unaudited accounts-exposes the entity to penalty or prosecution risk under FEMA. Manuals FEMA Thu, 28 Nov 2024 14:19:00 +0530 https://www.taxtmi.com/manuals?id=5996