| Article on 'Losses and FEMA' |
| The Chamber's Journal (Vol. IX No. 3) (December 2020) |
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This article on 'Losses and FEMA' was written as part of the December 2020 issue of the Chamber's Journal on 'Losses' under various legislations. The article attempts to provide a comprehensive overview of all conceivable provisions under respective FEMA notifications which deal with the different aspects of losses. FEMA Notifications which contain specific and detailed regulations on losses have been dealt with firstly at the beginning of this article and thereafter the aspect of losses has been examined under remaining FEMA Notifications.
Author: Mr. Harshal Bhuta
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| FEMA Compounding Orders – A Comprehensive Analysis (Volume II) |
| Bloomsbury Publishing India Private Limited (September 2020) |
About the book:
Picking up after the first Volume, Volume II book provides a comprehensive analysis of all the compounding orders published by RBI during the period January 2019 to April 2020.
Key features of the book:
- Solitary publication on analysis of RBI compounding orders (January 2019 - April 2020);
- Coverage of more than 1000 FEMA compounding orders Arrangement of compounding orders Notification-wise and Regulation-wise;
- Plain description added to contravened provisions under the compounding orders as simplification aid to non-FEMA practitioners;
- Vital insights into principles applied by RBI while interpreting provisions of FEMA and important notifications;
- Extensive updation of chapter on significant learnings comprising learnings from Volume I and II;
- Handy comparison of erstwhile and revised FEMA Notifications for provisions contravened under the compounding orders;
- Detailed reporting of more than 50 compounding orders along with analysis and summary compilation of all remaining orders.
Author: Mr. Harshal Bhuta
Co-Authors: Mr. Hardik Mehta & Ms. Tanvi Vora
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| FEMA Compounding Orders – A Comprehensive Analysis |
| Bloomsbury Publishing India Private Limited (July 2019) |
About the book:
The law governing exchange control aspects of cross border transactions viz. Foreign Exchange Management Act, 1999 along with its Rules and Regulations, is a special and unique statute in itself, which is regulated and administered by Reserve Bank of India ('RBI').
RBI implemented a policy decision in May 2016, to make public disclosure of all compounding orders passed by it. This has offered 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 book provides a comprehensive analysis of all the compounding orders published by RBI during the period July 2016 to December 2018, to facilitate FEMA practitioners, companies and other persons undertaking cross-border transactions in understanding the RBI's perspective which is the driving force behind its interpretation and administration of FEMA.
Key features of the book:
- Solitary publication on analysis of RBI compounding orders (covering orders issued upto 31st December 2018);
- Coverage of 1268 FEMA compounding orders;
- Arrangement of compounding orders Notification-wise and Regulation-wise;
- Handy comparison of erstwhile and revised FEMA Notifications for provisions contravened under the compounding orders;
- Vital insights into principles applied by RBI while interpreting provisions of FEMA and important notifications;
- Detailed reporting of nearly 100 compounding orders along with analysis and summary compilation of all remaining orders.
Author: Mr. Harshal Bhuta
Co-Authors: Mr. Hardik Mehta & Ms. Tanvi Vora
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| In depth analysis of budget provisions affecting Non Residents March 2018 |
| March 2018 |
India Budget 2018 was announced by our Finance Minister - Mr. Arun Jaitely in the Parliament recently. This is the Fourth Budget by the NDA Government. We have jointly prepared a Comprehensive Analysis of Important International Tax Proposals and FDI Reforms in Budget 2018 by partnering with ANB Legal, Advocates and Solicitors.
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| Guidelines and Rules under GAAR |
| The Chamber of Tax Consultants, India (October 2017) |
General Anti-Avoidance Rules (GAAR) were first introduced in 2012 under Indian tax law by the then Finance Minister Mr. Pranab Mukherjee but their implementation was deferred on various occasions. The provisions of GAAR - under Chapter X-A of the Income Tax Act, 1961 - have eventually come into effect from 1st April 2017.
Provisions of GAAR are quite complex and there is no sufficient reference material available on this subject to interpret the provisions. The Chamber of Tax Consultants therefore came out with a special issue on GAAR in 'The Chamber's Journal' for the month of October 2017 with independent chapters dealing with the various provisions contained thereunder. Alongwith Ms. Tanvi Vora, I had the opportunity to publish an article on the guidelines and rules under GAAR. This article analyses in great detail the procedural regulations contained under Section 144BA r.w. Rule 10UA, 10UB and 10UC which need to be followed for invoking Chapter X-A and thereafter determining the tax consequences.
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| In depth analysis of budget provisions affecting Non Residents March 2017 |
| March 2017 |
India Budget 2017 was announced by our Finance Minister - Mr. Arun Jaitely in the Parliament recently. This is the Third Budget by the NDA Government. We have jointly prepared a Comprehensive Analysis of Important International Tax Proposals, FDI Reforms in Budget 2017 and CBDT Circular on Place of Effective Management (POEM) by partnering with ANB Legal, Advocates and Solicitors.
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| In-depth analysis of Budget Provisions affecting Non-Residents |
| March 2016 |
India Budget 2016 was announced by our Finance Minister - Mr. Arun Jaitely in the Parliament recently. This is the Third Budget by the NDA Government.
The Finance Bill 2016 is one of the longest in recent history. It includes a number of proposals that would go a long way towards promoting a more non-adversarial tax regime. Union Budget 2016 also includes significant announcements in the Foreign Direct Investment Regulations. We have jointly prepared a Comprehensive Analysis of Important International Tax Proposals and FDI Reforms in Budget 2016 by partnering with ANB Legal, Advocates and Solicitors.
Author: Harshal Bhuta |
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| Progressive Tax Rates in a Profit or Loss Situation under Article 24(3) of OECD Model |
| Linder Verlag Ges.m.b.H, Wien (June 2015) |
This publication is the master thesis written on the topic - 'Progressive Tax Rates in a Profit or Loss Situation under Article 24(3) of the OECD Model' under the theme 'Non-Discrimination in European and Tax Treaty Law' for completing LL.M. in International Tax Law from WU(Vienna University of Business and Economics).
Under Article 24(3), a PE may not be taxed worse than a domestic company. When taxing a PE, the issue arises whether considering non-PE profits, or not considering non-PE losses, for purposes of determining the progressive tax rate for the PE income constitutes discrimination under Article 24(3). This thesis analyses the possible comparators for these cases and which income has to, or cannot, be included for comparability purposes under the PE non-discrimination provision of Article 24(3)
Author: Harshal Bhuta |
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| In-depth analysis of Budget Provisions affecting Non-Residents |
| March 2015 |
India Budget 2015 was announced by the Indian Finance Minister - Mr. Arun Jaitely in the Parliament recently. The Second Budget presented by the NDA Government is bold, growth-oriented and inclusive. It has effectively managed to strike a balance between growth, development and enhancement of the Indian Economy.
We have presented an In-depth Analysis of all Provisions in Finance Bill, 2015 relating to direct taxes affecting Non-Residents. |
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Effect of BEPS project on common tax structures used by MNEs in digital economy
February 2015 |
| The common tax structures adopted by MNEs in the digital economy to siphon off revenue to low tax jurisdictions have off-late gained a lot of attention. OECD/G20 BEPS Action Plan 1 outlines such tax structures and explains the tax techniques adopted by the MNEs. This article explains the potential effect of the ongoing OECD/G20 BEPS project as a whole on such tax planning structures. Published on www.taxguru.in |
| Author: Harshal Bhuta |
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| Detailed analysis of Budget Provisions affecting Non-Residents |
| July 2014 |
| India Budget 2014 was announced by the Indian Finance Minister - Mr. Arun Jaitely in Parliament on 10th July 2014. Expectations from NDA Government were running high while presenting its first budget after being recently elected to power. There are a lot of hits as well as misses for Non-Residents in this Budget. We have presented a detailed analysis of all provisions in Finance (No. 2) Bill, 2014 relating to direct taxes affecting Non-Residents. |
| Can pre-emptive, exit & negative control rights in SHAs create AEs? |
| International Fiscal Association - India Branch (Western Region Chapter) June 2013 |
| The research article 'Can pre - emptive, exit & negative control rights in SHAs create AEs?' analyses whether under Transfer Pricing Regulations in India, a Financial Investor (as opposed to a strategic investor) and the Portfolio Company would become Associated Enterprises on account of various types of Shareholders Rights granted to the Financial Investor vide Shareholders' Agreement. The article takes into perspective the current judicial scenario. |
| This article was published by IFA INDIA - WRC as part of IFA INDIA - WRC Conference 2013 (Mumbai) background material. This article was selected as the best article among YIN members for the 2013 Conference. |
| Author: Harshal Bhuta |
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| Subsidiary as Permanent Establishment |
| The Chamber of Tax Consultants,India with CCH(a Wolters Kluwer business) March 2013 |
| The research article "Subsidiary as Permanent Establishment" is part of publication 'International Taxation - A Compendium' (4 Volumes) (3rd edition-March 2013). This Article examines tax implications of conducting business in the source country through related companies, making the OECD Model Tax Convention on Income and Capital, 2010 ('OECD Model') as a primary reference point. It also analyses the potential PE exposure under Article 5(7) of OECD Model for certain types of typical arrangements prevalent between parent and subsidiaries as encountered in their normal course of business. The publication is an encyclopedic work by The Chamber of Tax Consultants on International Taxation. It contains about 140 articles contributed by more than 250 international tax experts. The book deals with each Article of the Model Convention separately and also specific provisions of the Domestic Law dealing with Taxation of Non Residents and Cross Border Transactions. It also contains Industry specific articles and articles on FEMA and other related Domestic Laws. |
| Authors: Natwar Thakrar, Harshal Bhuta |
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