Firm Presentations
 
Speaker for Live Webinar on ‘FEMA Do’s and Don’ts for International Investments’
FRR Immigration (January 2021)
This webinar was organized for the benefit of clients of FRR Immigration. It followed a Q&A format covering FEMA and Tax provisions on topics such as Liberalized Remittance Scheme, investment in overseas markets - financial and real estate markets, incorporation of companies abroad, overseas leveraging, etc..
Speaker: Mr. Harshal Bhuta
 
Panelist for ‘FEMA Compounding Orders: A Panel Discussion’
ICICI Bank (December 2020)
The video panel discussion on 'FEMA Compounding Orders' was conducted by ICICI Bank where 201 different organizations registered for it. The agenda of the panel discussion was to give the participants an introduction to compounding orders and its pre-requisites; insights into RBI's approach towards compounding contraventions; focus on compounding orders for capital account transactions and highlight precautions to compounding procedure. In the one hour session, we covered numerous questions and are glad we had the opportunity to share our research and experience and solve queries and doubts of the participants.
Moderator: Mr. Manish Sureka
Co-Panelists: Mr. Hardik Mehta & Ms. Tanvi Vora
 
Webinar on ‘Analysis of Important FEMA Compounding Orders’
Bombay Chartered Accountants’ Society (December 2020)
This session on 'Analysis of Recent Important FEMA Compounding Orders' taken for the benefit of members of FEMA Study Circle of the Bombay Chartered Accountants' Society. Numerous FEMA compounding orders on a variety of FEMA topics were presented during the webinar.
Speaker: Mr. Harshal Bhuta
Co-Speakers: Mr. Hardik Mehta & Ms. Tanvi Vora
 
 
Webinar on ‘Analysis of Important FEMA Compounding Orders’
The Chamber of Tax Consultants (October 2020)
Contravention of FEMA provisions can result in Compounding Proceedings. Compounding provides comfort to individuals and corporate community by minimizing transaction costs and regularizing the contravention. Analysis of Compounding Orders offers an ideal opportunity to gain insights into RBI’s outlook and interpretation of FEMA, and also the administrative practices adopted by RBI from time to time. The FEMA Study Circle of the Chamber of Tax Consultants hosted this Webinar on “Analysis of Important FEMA Compounding Orders“ which covered contraventions of provisions under FEMA Act, 1999, Current Account Transaction Rules, Capital Account Transaction Regulations, ECB Regulations, Rupee Borrowing Regulations, Deposit Regulations, Forex Holding Regulations, Foreign Currency Account Regulations, Forex Receipt and Payment Regulations, Immovable Property Transaction Regulations, LO/BO/PO Regulations, Export Regulations.
The webinar can be viewed by clicking on the following link: You Tube Link
Speaker: Mr. Harshal Bhuta
 
 
Webinar on ‘Understanding FEMA – An Expert’s Perspective’
GyanStationin (October 2020)
This was a special online webinar organised by GyanStationin and was open to individuals from all walks of life - Professionals to Regulators to Businessmen. The presentation was on the topic - 'Recent Amendment, Practical Issues & Case Studies in FEMA'. The session was bilingual - English as well as Hindi and the presentation took the participants through important recent changes in law, practical issues faced under FEMA and case studies.
The webinar can be viewed by clicking on the following link: You Tube Link
Speaker: Mr. Harshal Bhuta
 
 
Faculty for ‘Long Duration Course on FEMA’
The Chamber of Tax Consultants jointly with Foundation of Tax & Accounting Professional (August 2020)
The Long duration course on FEMA was organized during the month of July 2020 through August 2020. The presentation was on twin topics of 'Reporting under FEMA & FEMA from Auditors Perspective'. The presentation gave a practical in-depth experience on various reporting requirements under Foreign Direct Investments, Outbound Investments as well as External Commercial Borrowings. Additionally, the participants were given practical exposure on conducting FEMA Audit with the help of a detailed case study.
Speaker: Mr. Harshal Bhuta
 
 
Faculty for ‘Certificate Course on International Tax’
Achromic point Academy (June 2020)
The Certificate Course on International Tax was conducted by Achromic Point Academy spread over eight live interactive webinars during the Covid-19 pandemic period. The session dealt with Articles 1, 2, 3, 4, 6, 8, 10, 11 of Double Taxation Agreements. The participants were first introduced to the core concepts relating to these articles as appearing in United Nations Model Taxation Convention 2017. Additional insights were also given pertaining to the Indian treaty practice and important judicial pronouncements on these treaty Articles.
Speaker: Mr. Harshal Bhuta
 
 
Guest Speaker on ‘Overview of FEMA’
NMIMS – Kirit P. Mehta School of Law (May 2020)
The session introduced student participants from all campuses pan India (Mumbai, Navi Mumbai, Bengaluru, Indore and Hyderabad) to the fundamental aspects of FEMA in a simple and lucid manner. The session also dealt briefly with concepts of Foreign Direct Investment, Overseas Investment and External Commercial Borrowing.
Speaker: Mr. Harshal Bhuta
 
 
Presentation on ‘Residency and Liberalised Remittance Scheme: Income Tax and FEMA Perspective’
Matunga CPE Study Circle of Western India Regional Council, The Institute of Chartered Accountants of India (April 2020)
Under various scenarios, one could encounter circumstances where under a person may qualify as FEMA non-resident but remain Tax resident simultaneously and vice versa. The presentation explained the interaction between residence under FEMA and Tax and its corresponding implications through five real life case studies dealing with each limb of Section 6 of Income Tax Act, 1961 (viz. residency provision under Income Tax Act, 1961). Additionally, Liberalised Remittance Scheme provisions under Foreign Exchange Management Act and Income Tax were also dealt with through case studies.
Speaker: Mr. Harshal Bhuta
 
 
Do's and Don'ts for Non-Resident Indians & Recent Developments under FEMA
Dos and Donts for NRIs under FEMA
FEMA 3(R) 21(R) and press note 2
Matunga CPE Study Circle of Western India Regional Council, The Institute of Chartered Accountants of India (January 2019)

The presentation on 'Do's and Don’ts for NRIs under FEMA' was made at 'Seminar on FEMA' organized by Western Indian Regional Council, Institute of Chartered Accountants of India and also at Matunga CPE Study Circle of Western Indian Regional Council. This presentation covered the essential parts of the Indian Foreign Exchange Regulatory framework applicable to NRIs. The presentation on 'Recent Developments under FEMA' was additionally made at Matunga CPE Study Circle of Western Indian Regional Council. Important recent developments were explained such as issuance of revised regulations for ECB; revised regulations for acquisition and transfer of Immovable Property in India and change in FDI Policy for e-commerce sector.

Speaker : Mr. Harshal Bhuta
 
 
Overview of FEMA
Goregaon CPE Study Circle of Western India Regional Council, The Institute of Chartered Accountants of India (December 2018)

The session gave a complete overview of FEMA Provisions. It covered the following: Framework of FEMA, Capital account vs. Current account Transactions, Setting up of Liaison Office / Branch Office and Project Office in India, FDI and other Inbound Investment Regulations, Outbound Investment Regulations, External Commercial Borrowing Regulations, Deposits and Accounts in India by Non-residents, Foreign Currency Accounts by Indian Residents, Borrowing and Lending in Rupee Regulations, Remittance Outside India Regulations, Acquisition and Transfer of Immovable Property in India Regulations and Compounding of Contraventions under FEMA.

Speaker : Mr. Harshal Bhuta
 
 
Faculty for 19th Intensive Study Course on Double Taxation Avoidance Agreements
Bombay Chartered Accountants' Society (December 2018)

The participants were first introduced to the subject of 'Article 24: Non-Discrimination' by explaining the commentary under OECD and UN Model Convention. Thereafter, the relevant judicial decisions under Indian DTAAs were analyzed and discussed.

Speaker : Mr. Harshal Bhuta
 
 
Faculty for Intensive Study Course on FEMA
The Chamber of Tax Consultants (December 2018)

The Chamber of Tax Consultants (December 2018) Intensive Study Course on FEMA was designed by The Chamber of Tax Consultants to enable professionals to gain sufficient knowledge for commencing advisory services in foreign exchange regulations as well as to keep existing practitioners abreast of recent developments. The participants were initially explained entire FEMA Notification 22(R)/2016 dated 31/03/2016 and the session ended with discussion on proprietary case studies prepared on this subject.

Speaker : Mr. Harshal Bhuta
 
 
FEMA Overview and FDI Policy
Corptive Research Private Limited (August 2018)

The session dealt with an overview of Indian Foreign Exchange Regulations as well as deal with certain types of Foreign Investments into India to a cross-section of industry professionals. This session was part of workshop on 'FEMA Regulation and FDI Policy' conducted by Corptive Research Private Limited. Peer faculty for the workshop included partners from law firms such as JSA Advocates and Solicitors & Shardul Amarchand Mangaldas and Co.

    The participants were explained the following:
  1. Broad framework of Foreign Exchange Management Act, 1999
  2. Introduction to guidelines on Foreign Investments into India (including downstream investments and legal validity of optionality clauses)
  3. Foreign Direct Investments, Non-Repatriable Investments and Foreign Investments into LLP
  4. Select sector specific FDI policies
  5. Real life case studies
Speakers : Mr. Harshal Bhuta and Ms. Tanvi Vora
 
Procedure for one-time compliance of reporting FDI in Entity Master
The Chamber of Tax Consultants (July 2018)

The session was conducted by the FEMA Study Circle of the Chamber of Tax Consultants on 09/07/2018. RBI vide A.P (DIR Series) Circular No. 30 dt. 07/06/2018 had instructed Indian entities to input their existing foreign investment (including indirect foreign investment) data in Entity Master. Due date of filing data was initially 12/07/18 and then extended to 20/07/18.

    The session dealt with the following:
  1. Procedure for compliance and dealing with the intricacies of reporting data in the Entity Master Form.
  2. Q & A on the topic for issues arising upon compliance.
Speakers : Mr. Harshal Bhuta and Ms. Tanvi Vora
 
 
Important Provisions of ‘The Prohibition of Benami Property Transactions Act, 1988’
Western India Regional Council of The Institute of Chartered Accountants Of India (June 2018)

The session was conducted by Vasai Branch of WIRC, ICAI on 17/07/2018 at the Branch premises.

The participants were explained about the following:
  1. Basic provisions of The Prohibition of Benami Property Transactions Act, 1988 as amended by Benami Transactions (Prohibition) Amendment Act, 2016;
  2. Comparison with other anti-abuse legislation such as PMLA and ITA
  3. Procedure for investigation by AO under ITA – SOP dated 10.08.2017.
Speaker : Mr. Harshal Bhuta
 
 
FEMA & FDI issues in Real Estate
The Institute of Chartered Accountants of India (May 2018)

The Committee on Economic, Commercial Laws & Economic Advisory of The Institute of Chartered Accountants of India conducted this live national webcast consisted of two parts: (1) Recent Developments in Real Estate: Impact of RERA, Taxation of Joint Developments, Affordable Housing; (2) FEMA & FDI issues in Real Estate.

The second part on FEMA & FDI issues in Real Estate explained the various modes of investing into real estate in India represented by Notification No. FEMA 21(R)/2018-RB; FEMA 20(R)/2017-RB; FEMA 4/2000-RB and FEMA 5(R)/2016-RB. The presentation was followed by live Q&A session.

Webcast link

Speaker : Mr. Harshal Bhuta
 
 
LawSikho (May 2018)
Youtube Link
The one hour session was structured in the form of Q & A of which some are as follows:
  1. What is the most intriguing factor about international taxation, and how the students should approach towards this field?
  2. What is transfer-pricing?
  3. What is the DTAA (Double Taxation Avoidance Agreement)?
  4. Does transfer-pricing affect cross borders M&A deals, and if yes what is the rules and regulations?
  5. What are the sectors in which DTAA functions?
  6. Which countries have India entered the DTA Agreement?
  7. What are the benefits of having a DTA Agreement?
Speaker : Mr. Harshal Bhuta
 
 
Do’s and Dont’s for NRIs under FEMA
The Chamber of Tax Consultants (January 2018)
The webinar was organised by The Chamber of Tax Consultants and was open to all participants across the globe. This webinar covered important portions of the Foreign Exchange Regulatory framework as applicable particularly to NRIs such as Types of deposits and accounts that NRIs can maintain in India, Acquisition of immovable property in India by NRIs, Remittances by NRIs outside India, Borrowing and lending transactions between NRIs and Resident Indians, Foreign Investments into India by NRIs. The webinar can be accessed on YouTube: link
Speaker : Mr. Harshal Bhuta
 
 
Article 24: Non Discrimination
Bombay Chartered Accountants' Society (December 2017)
As part of the faculty for this Intensive Study Course, our firm explained the subject of 'Article 24: Non-Discrimination' in depth spanning the commentary under OECD and UN Model Convention and the relevant judicial decisions under Indian DTAAs.
Speaker : Mr. Harshal Bhuta
 
 
Basics of International Transfer Pricing
Shivaji Park CPE Study Circle of Western India Regional Council, The Institute of Chartered Accountants (November 2017)
The session was a refresher session on International Taxation to give participants an overview in lieu of due date for transfer pricing filing for FY 2016-17 being November 2017. My role as a Chairman included answering questions from the floor and explaining the recently introduced Master File and Country-by-Country- Reporting regulations under Indian law.
Chairman : Mr. Harshal Bhuta
 
 
BEPS & MLI - OECD/G20 Project & India Perspective
Western India Regional Council, The Institute of Chartered Accountants of India (November 2017)
This session was a part of the study course on International Tax for beginners conducted by Western India Regional Council, The Institute of Chartered Accountants of India. This topic was preceded by various other topics which educated the participants on the basic concepts of International Tax. This topic introduced them to the BEPS project by OECD/G20 along with comparison between BEPS Action Plans and corresponding regulations adopted under the Indian law. Various nuances and differences between both were also highlighted during the session.
Speaker : Mr. Harshal Bhuta
 
 
Overview of Provisions (including Recent Amendments) & Transfer Pricing Audit and Documentation
Matunga CPE Study Circle of Western India Regional Council, The Institute of Chartered Accountants of India (October 2017)
The presentation provided an overview of the Indian Transfer Pricing provisions contained under Section 92 to Section 92E. The presentation also included Transfer Pricing audit procedure and a clause-by-clause analysis of Form 3CEB. The recent amendments under transfer pricing relating to the Safe Harbour Rules, introduction of Secondary Adjustment and draft rules on Master File and Country-by-Country Reporting were also covered.
Speaker : Mr. Harshal Bhuta
 
 
Analysis of Select RBI Compounding Orders
Bombay Chartered Accountants' Society (August 2017)
This session was conducted by the FEMA Study Circle of the Bombay Chartered Accountants' Society first on 18/08/2017 and was continued further on 12/09/2017. At the session, various Compounding Orders passed by RBI were discussed explaining in detail the facts of the case and arguments (if any) raised by the applicant. The systematic analysis of these orders with facts helped the participants understand the law and gain insight into how to avoid contravention of FEMA provisions. The contraventions covered at the sessions included those relating to Current Account Transactions, violation of Section 3 of the FEMA Act, External Commercial Borrowings, contraventions relating to Outbound Investments involving round tripping cases, reporting contraventions, ODI by Individuals, etc, and contraventions relating to Inbound Investments involving reporting contraventions, impermissible transfer/pledge of shares, etc.
Speaker : Mr. Harshal Bhuta
 
 
Overview of FEMA Intertnational Tax perspective
The Institute of Chartered Accountants of India (July 2017)
Teaching participants enrolled for the Diploma in International Taxation course conducted by the Institute of Chartered Accountants of India throughout India, our firm delivered a lecture on the topic of 'Overview of FEMA from International Tax perspective' that was assigned to us to teach participants at 7th Batch of Post Qualification Diploma in International Taxation conducted by at Crowne Plaza Pune City Centre. This lecture covered the essential parts of the Indian Foreign Exchange Regulatory framework including basic concepts, entry strategies into India, outbound investments from India, foreign currency borrowings and various other aspects. The delivery of the lecture was accompanied by a presentation on the topic.
Speaker : Mr. Harshal Bhuta
 
 
Do's and Don'ts for Non-Resident Indians under Foreign Exchange Laws
Western Indian Regional Council, The Institute of Chartered Accountants of India (July 2017)
With the growing Indian diaspora across the globe, transactions with Non-Resident Indians (NRIs) have seen an increasing trend in the recent past. Indian government has always accorded importance to overseas Indians as they constitute a precious source of foreign exchange inflows into India. It is beneficial for NRIs to have knowledge of the opportunities galore present in India today, however at the same time it is essential for them to bear in mind the restrictions present under Indian Foreign Exchange Regulations in order to avoid unintentional violation of such regulations. It is also indispensable for persons resident in India to bear in mind the restrictions present under Indian Foreign Exchange Regulations when transacting with NRIs to avoid any contravention. The presentation on 'Do's and Dont's for NRIs under FEMA' was made at 'Seminar on Tax Planning for NRIs' recently organized by Western Indian Regional Council, Institute of Chartered Accountants of India. This presentation covered the essential parts of the Indian Foreign Exchange Regulatory framework applicable to NRIs.
Speaker : Mr. Harshal Bhuta
 
 
General Anti-Avoidance Rules
Matunga CPE Study Circle of WIRC (April 2017)
Our presentation dealt with explaining in detail the provisions of GAAR which came into effect from 1st April 2017 in the Income Tax Act, 1961. The presentation was followed by Panel Discussion on Case Studies on GAAR by eminent panelists Mr. Anish Thacker, Mr. Tilokchand Ostwal and Mr. Pradip Kapasi.
Speaker : Mr. Harshal Bhuta
 
 
International Finance Centre
The Institute of Chartered Accountants of India (January 2017)
At the invitation of The Institute of Chartered Accountants of India (ICAI), it was an honour to act as Faculty to teach participants enrolled for the Diploma in International Taxation course conducted by ICAI. The topic of "International Finance Centre" was assigned to our firm. The lecture entailed explaining the meaning and types of IFC, pre-requisites for developing an IFC and their macro-economic implication. In the Indian context, the need for developing an IFC under SEZ model was evaluated and thereafter direct and indirect tax incentives for GIFT City in India were also explained. The delivery of the lecture was accompanied by a presentation on the topic.
Speaker : Mr. Harshal Bhuta
 
 
Article 24 : Non-Discrimination
Bombay Chartered Accountants Society (December 2016)
As part of the faculty for this Intensive Study Course, our firm explained the subject of 'Article 24: Non-Discrimination' in depth spanning the commentary under OECD and UN Model Convention and the relevant judicial decisions under Indian DTAAs.
Speaker : Mr. Harshal Bhuta
 
 
Deposits & Accounts by Non-Resident and Foreign Currency Accounts by Indian Residents
The Chamber of Tax Consultants (October 2016)
As part of the faculty for this four day Basic Intensive Study Course on FEMA, the topic assigned to our firm was 'Deposits & Accounts by Non-Residents and Foreign Currency Accounts by Indian Residents'. Therein we essentially explained the entire FEMA Notf. 5(R)/2016 as well as FEMA Notf. 10(R)/2016 issued by Reserve Bank of India. My firm's expertise in providing Indian Foreign Exchange Laws consultancy and Taxation services focused on Non-Resident Indians and Foreign Nationals in India enabled us to deliver practical insights and also cover allied tax aspects.
Speaker : Mr. Harshal Bhuta
 
 
Comparability Analysis
The Institute of Chartered Accountants of India (August 2016)
At the invitation of The Institute of Chartered Accountants of India (ICAI), it was an honour to act as Faculty to teach participants enrolled for the Diploma in International Taxation course conducted by ICAI. The topic of "Comparability Analysis" under the subject of Transfer Pricing was assigned to our firm which was covered in great detail over a full day. The delivery of the lecture was accompanied by a presentation on the topic.
Speaker : Mr. Harshal Bhuta
 
 
Overview of DTAA Provisions
Western Indian Regional Council, The Institute of Chartered Accountants of India (May 2016)
The lecture was delivered at a seminar on International Taxation for Beginners organised by Western Indian Regional Council (The Institute of Chartered Accountants of India). I took the participants through all the Articles of India-Indonesia DTAA being one of the most recent DTAAs signed by India so that by the end of the lecture, they would be well versed with reading a tax treaty.
Speaker: Mr. Harshal Bhuta
 
 
Non-Discrimination under International Tax Law
The Chamber of Tax Consultants (October 2015)
This session dealt in detail with the Article on Non-discrimination through the commentary under OECD MC along with discussion on the relevant judicial decisions under Indian DTAAs corresponding to each of the paragraphs under this Article.
Speaker: Mr. Harshal Bhuta
 
 
Case Study on ‘Fees for wearing sponsor's logo’
Foundation for International Taxation and Institute of the Austrian and International Tax Law at WU in Vienna jointly with WIRC of the ICAI
The Foundation for International Taxation (FIT) and Institute of the Austrian and International Tax Law at WU in Vienna (Austria) jointly with the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI) had organised a two day case study based workshop on 'Practical Problems of Treaty Interpretation and Application'. The case studies were designed by Prof. Michael Lang from the Institute of the Austrian and International Tax Law at WU. The international perspective for the case studies were discussed by the senior research staff under Prof. Michael Lang using video conferencing facilities from Vienna university and thereafter they were discussed by an Indian expert from the Indian perspective respectively. The Indian perspective for the case study on “Fees for wearing sponsor’s logo” has been covered in the presentation.
Speaker: Mr. Harshal Bhuta
 
 
Recent Updates in FEMA
Matunga CPE Study Circle of WIRC (August 2015)
The following are covered in this presentation:
(a) Explaining all important A.P.(DIR Series) Circulars issued by RBI from period 1st July 2012 till 31st July 2015;
(b) Discussion of the intent of RBI and implications of issuance of these RBI Circulars;
(c) Explaining changes vide Master Circulars of 2015.
Speaker: Tanvi Vora
 
 
Tax Lunch Talk on "Benchmarking under transfer pricing with the use of a live Indian database"
Wirtschaftsuniversität Wien (Vienna University of Economics and Business) (April 2015)
During the short session, a live screening of an economic search process was conducted on an Indian Transfer Pricing database along with explanation of the various intricacies involved therein as well as the controversies surrounding the same.
Speaker: Mr. Harshal Bhuta
 
 
Recent Updates in FEMA (including Master Circulars 2012)
Matunga CPE Study Circle of WIRC August 2012
The following are covered in this article:
(a) Explaining all important A.P.(DIR Series) Circulars issued by RBI from period July 2013 till 8th August 2012;
(b) Discussion of the intent of RBI and implications of issuance of these RBI Circulars;
(c) Explaining changes vide Master Circulars of 2012.
Speaker: Mr. Harshal Bhuta Chairman: Mr. Pankaj Bhuta..
 
 
 Recent Updates in FEMA (including Master Circulars 2013)
Matunga CPE Study Circle of WIRC July 2013
The following are covered in this article:
(a) Explaining all important A.P.(DIR Series) Circulars issued by RBI from period May 2012 till 12th July 2013;
(b) Discussion of the intent of RBI and implications of issuance of these RBI Circulars;
(c) Explaining changes vide Master Circulars of 2013.
Speaker: Mr. Harshal Bhuta Chairman: Mr. Pankaj Bhuta.
 
 
FAQs on applicability of Sec 12A
Matunga Study Circle of WIRC November 2010
The article is covered in the form of FAQs concerning applicability of Sec 12A in various situations and the controversies surrounding them.
Speaker: Mr. Harshal Bhuta Chairman: Mr. Gautam Nayak.
 
 
Transfer Pricing Audit and Reporting under Form 3CEB alongwith End Documentation
ITF-1 Study Circle at BCAS September 2009
The session covered the following:
(a) Explaining the scope of examination under Sec 92E;
(b) Explaining Form 3CEB alongwith its contents with the help of examples for each Clause under Form 3CEB;
(c) Describing in detail the Documentation requirements under law .
Speakers: Mr. Harshal Bhuta, Mr. Mohit Rawat.