The due date has been extended to 14.08.2020.
We had discussed in our earlier post who needs to file FLA return and the normal due date of FLA return is 15.07.2020. However the same was extended to 31.07.2020 this year.
However many people were complaining that the website is not working properly and is always down from last 2-3 days and it just works for a few hours and hence many people are not able to file their FLA return.
The penalty under FEMA for not filing of return within due date are very high which is as under:
“Non-filing of the return before due date will be treated as a violation of FEMA and penalty will be levied on defaulters which shall be three (3) times the sum involved in contravention or Rs. 2,00,000 and if the contravention is continuing every day, Rs. 5,000 for every day for defaulting period.”
Since the penalty under FEMA is very high people have requested RBI to extend it’s due date and few e-mail have been circulated in the name of FLA team wherein it has been said that
“We are aware of the inconvenience caused by you while filing the return…… The due date for submission of FLA for the year 2019-20 is being extended. The same would be displayed on the FLAIR home page once the site becomes operational.”
In the above mail there is no further due date mentioned and on website also when we checked last no update regarding extension of due date was mentioned and due date of FLA return mentioned on website is still 31.07.2020.
Let’s hope that the extension of due date is updated on the website soon. We’ll update you with the new due date as and when same is available on the official website.