Establishment of Branch Offices (BO) / Liaison Offices (LO) in India by Foreign Entities – RBI extends date
THE Annual Activity Certificates (AACs) as at the end of March 31, are to be submitted by the Branch Office / Liaison Office (BO/ LO), on or before April 30 every year, to the designated AD Category-I bank and a copy to the Directorate General of Income Tax (International Taxation), New Delhi.
In view of the difficulties expressed by some Liaison Offices / Branch Offices in submitting the AACs within the prescribed period, RBI has decided to review the current calendar for the same. Accordingly, the AACs from the Auditors, as at end of March 31, along with the audited Balance Sheet may be submitted on or before September 30 of that year. In case the annual accounts of the LO/ BO are finalized with reference to a date other than March 31, the AAC along with the audited Balance Sheet may be submitted within six months from the due date of the Balance Sheet.
A.P. (DIR Series) CIRCULAR NO. 06/RBI., Dated: August 09, 2010