What is FLA Return? The Foreign Liabilities and Asset (FLA) Return is an annual return filed with the Reserve Bank of India (RBI), based on the applicability of certain provisions under the Foreign Exchange Management Act, 1999 (FEMA). Applicability of the Annual FLA Return The annual FLA Return must be submitted by entities that have received Foreign Direct Investment (FDI) and/or made overseas investments (FDI abroad)…
The Central Board of Direct Taxes (CBDT) has granted taxpayers a welcome breather by extending the income tax return filing deadline from 31st July 2025 to 15th September 2025. In the past, deadline extensions have been granted for various reasons, often following persistent representations had to be made in past by professional bodies and industry associations. While exceptional situations like the COVID-19 pandemic & natural…
As the guardians of financial integrity, Chartered Accountancy (CA) firms hold a dual responsibility — delivering expert financial guidance while safeguarding highly sensitive client information. From financial statements and tax records to business contracts and customer databases, the data the firm manages is invaluable. If mishandled, it can lead to severe consequences for clients and cause lasting damage to a firm’s credibility and trustworthiness. Why…
In the complex world of taxation, one element often determines whether a business or individual stays on the right side of the law: documentation. Proper recordkeeping is not just a best practice—it’s the foundation of tax compliance. Without it, even the most well-intentioned taxpayer can face audits, penalties, or missed opportunities for deductions and credits. Whether you are an individual, a small business, or a…
