Foreign Liabilities and Assets Annual Return (FLA return) is a filing required by the Reserve Bank of India (RBI) for entities in India that have foreign liabilities or foreign assets. The FLA return is a means of collecting information related to the financial and investment activities of Indian entities with regard to their overseas assets and liabilities.

The FLA return is applicable to the following entities:

1. Companies within the private sector, including small and medium-sized enterprises (SMEs), which have received FDI or made overseas investments in any form.
2. Limited Liability Partnerships (LLPs) that have received FDI or made overseas investments.

The FLA return is filed on an annual basis, and the reporting period is typically the financial year (April to March). The deadline for submitting the FLA return is July 15th of each year.

The information required in the FLA return includes details of foreign assets and liabilities, such as:

1. Equity capital, reinvested earnings, and other capital.
2. External commercial borrowings (ECBs).
3. Trade credit.
4. Loans and borrowings from abroad.
5. Overseas direct investments made by the reporting entity.

The FLA return must be submitted online through the designated FLAIR (Foreign Liabilities and Assets Information Reporting) portal of the RBI.

These entities are required to submit the FLA return to the RBI by July 15th of each year, covering their foreign assets and liabilities as of the end of the previous financial year, which is March 31st. The return captures information such as foreign equity, debt, trade credit, guarantees, and other borrowings and investments.