Firm Presentations

Speaker for webinar on "Dissecting New FEMA Regulations for Overseas Investments"
Taxsutra (September 2022)
The new overseas investment framework was issued on 22nd August 2022 (consisting of various notifications and circulars issued by FinMin & RBI), wherein it prescribes and regulates the different avenues of making overseas investments by Indian entities, resident individuals and other legal persons which are residents of India. Thereunder, it contains numerous provisions for – (i) classifying the type of overseas investments by nature of instruments and nature of foreign entity, (ii) spelling out prohibitions for investment in certain sectors, (iii) laying out terms and conditions for sale of overseas investments, s(iv) liberalising investments in IFSC, etc.
In collaboration with Taxsutra, Mr. Harshal Bhuta addressed the very first national seminar on "Dissecting New FEMA Regulations for Overseas Investments" immediately after the notification of new regulations by the regulators. During the session, I dealt with several questions given below:

• What is the difference between ODI & OPI?
• Is round tripping now permitted?
• Can resident individuals make portfolio investments abroad under LRS?
• Can an Indian company sell its overseas company at a loss?
• Can an Indian LLP invest in a start-up abroad?
• Can an Indian company make payments in installments for purchase of shares of an overseas entity?
• Is investment in a foreign LLC permitted?
• Can a person resident in India make an investment in debentures of an overseas company?
• Can a foreign entity having investment from India buy and lease immovable property as part of its business activity?
• Can a foreign entity having investment from India trade in crypto-currencies?
• Can AIFs make investments in overseas start-ups?
• What are the valuation rules for making investment / disinvestment?
• Can pre-incorporation expenses be capitalised?
• Can resident individuals set-up a step down subsidiary structure abroad?

Speaker: Mr. Harshal Bhuta

Faculty for Tata Consultancy Services Program on 'Transfer Pricing
S P Jain School of Global Management ( September 2022)
This session was a part of the training program conducted by S P Jain School of Global Management for Tata Consultancy Services. The 4-hour session on transfer pricing covered the entire Indian transfer pricing regulatory landscape in detail along with practical case studies of transfer pricing adjustments such as working capital adjustment, overdure receivables adjustment, etc.
Speaker: Mr. Harshal Bhuta

Trainer for Virtual Masterclass on 'International Tax Reforms & Compliance'
International Business Intelligence (August 2022)
The 3-day Masterclass on 'International Tax Reforms & Compliance' was attended by CXOs from across India handling Tax and Finance functions. Masterclass covered the following topics:

Day 1:

• Introduction to Tax Treaties
• Model Tax Conventions
• Interpretation of Tax Treaties
• Articlewise explanation from Article 1 to 31 of UN DTC

Day 2:

• Introduction to BEPS
• Action Plan 1
• AP 4
• AP 5
• AP 6
• AP 7
• India regulatory developments pursuant to AP 1, 4, 5, 6, 7
• MLI
• International Tax Structuring
• Foreign Tax Credit
• GAAR
• Place of Effective Management
• Case Studies

Day 3:

• Recent Supreme Court ruling (in the case of Engineering Analysis Centre of Excellence Private Limited) for overseas royalty payments
• CBDT circular 3/2022 on applicability of Most Favoured Nation clause in tax treaties
• Pillar 1 and Pillar 2 solution to address the tax challenges arising from digitalisation of the economy
• Introduction of Corporate Tax in UAE
• New Article 12B (Income from Automated Digital Services) in UN Model DTC.

Speaker: Mr. Harshal Bhuta

Faculty for Cross Border Transactions - Dos and Donts
Nashik Engineering Cluster (July 2022)
The workshop on Cross Border Transactions was conducted by Nashik Engineering Cluster which is a skill development hub for industries located in Nashik. The workshop consisted of various topics such as FEMA, International Tax, Transfer Pricing, GST, Customs, and FTP. Our session coverage gave the participants an introduction to FEMA, International Tax, and Transfer Pricing
Speaker: Mr. Harshal Bhuta

Speaker on "Compounding under FEMA and Analysis of Important Compounding Orders"
Institute of Company Secretaries of India – Western India Regional Council (July 2022)
This session was conducted by the Institute of Company Secretaries of India – Western India Regional Council as one of the initial professional sessions to be conducted physically after covid. Their members attended enthusiastically and though the session was scheduled for a period of 2.5 hours, due to the sheer number of queries and interactions, the session couldn't be completed even within 3 hours! The session educated the members on the compounding procedure under FEMA along with practical experiences as well as select compounding orders
Speaker: Mr. Harshal Bhuta

Speaker for the topic - 'An Overview of Transfer Pricing'
Nagpur Branch of WIRC of ICAI (June 2022)
The session was a part of 'Workshop on International Taxation' series conducted by the Nagpur Branch of WIRC of ICAI to educate its members on international taxation. Mr. Harshal Bhuta gave an overview of entire transfer pricing regulatory landscape prevailing in India along with practical insights. News coverage of the session was made by Times of India, Lokmat Times and Vidarbha ki baat.
Speaker: Mr. Harshal Bhuta

Judge for 5th The Chamber Of Tax Consultants National Moot Court Competition, 2022
The Chamber Of Tax Consultants (June 2022)
The National Moot Court Competition organised jointly by The Chamber of Tax Consultants with The Government Law College, Mumbai saw participation from prestigious law colleges across the country. Mr. Harshal Bhuta had the privilege to co-judge the preliminary round 1. The moot proposition for the petitioner and respondent team concerned a writ petition filed before the Bombay High Court against the NFAC for additions made u/s 56(2)(x).
Speaker: Mr. Harshal Bhuta

Trainer for FEMA Masterclass
International Business Intelligence (May 2022)
The FEMA Masterclass was conducted yet again with participants attending from across India. It was spread over two days. The Masterclass was attended by CXOs handling Finance and Treasury functions. It focused on Inbound Investments into India, Outbound Investments from India and emerging areas such as interaction of FEMA with the start-up ecosystem and crypto-assets industry. The Masterclass contained numerous case studies to simplify the FEMA provisions and also enabled one-on-one problem solving for industry professionals.
Speaker: Mr. Harshal Bhuta

Faculty for 22nd Intensive Study Course on Double Taxation Avoidance Agreements
Bombay Chartered Accountants' Society (March 2022)
In yet another year of teaching at the BCAS Intensive Study Course on DTAAs, I dealt with the subject of 'Non-Discrimination under International Tax Law'. The participants were taken through the entire Article on Non-Discrimination para-by-para and were explained the various concepts embodied in this Article. A thorough critique of the Indian judicial landscape (and select foreign judicial decisions) on this subject was made thereafter.
Speaker: Mr. Harshal Bhuta

Panelist for Budget 2022 Analysis and Discussion
IMC Young Leaders Forum jointly with Jai Hind College (February 2022)
The Panel Discussion was organised by the Young Leaders Forum of the Indian Merchant Chamber of Commerce and Industry along with the Accountancy Association of Jai Hind College. The Panel Discussion was meant for the benefit of the students of the college. As a panelist, I was asked questions ranging from LIC divestment to crypto investments to dividends from foreign companies. Students were most inquisitive about the tax on virtual digital assets as introduced in Budget 2022.
Speaker: Mr. Harshal Bhuta

Speaker on 'Demo of cryptocurrency transactions along with ancillary taxation aspects arising from the Finance Bill, 2022
Matunga CPE Study Circle of WIRC (February 2022)
This session was conducted shortly after the announcement of tax on virtual digital assets in Finance Bill, 2022. In this live webinar session, We conducted real-time crypto-currency transactions and explained the nuances to all the members. Alongside, the corresponding tax impact arising from provisions of the Finance Bill, 2022 were explained in-depth on six sets of crypto transactions chosen for showcase in this session.
Speaker: Mr. Harshal Bhuta

Trainer for FEMA Masterclass
International Business Intelligence (January 2022)
The full day Masterclass on FEMA was conducted online with participants attending from across India. The Masterclass was attended by CXOs handling Finance and Treasury functions. It focused on Inbound Investments into India, Outbound Investments from India, and emerging areas such as the interaction of FEMA with the start-up ecosystem and crypto-assets industry. The Masterclass contained numerous case studies to simplify the FEMA provisions for industry professionals and also to help them face any practical issues that they may encounter.
Speaker: Mr. Harshal Bhuta

Faculty for M.A. (International Tax)
Nalsar University of Law, Hyderabad (December 2021)
This session focused on two concepts - 'Liable to Tax' and 'Limitation of Benefits'. The 'Liable to Tax' clause was explained from a treaty perspective as well as from the domestic tax law perspective [i.e. Sec. 6(1A) amendement under ITA, 1961]. Thereafter, the genesis of 'Limitation of Benefits' clause was explained along with detailed description of various paragraphs under this clause. Lastly, a study of LOB clause as appearing under various Indian DTAAs was made along with its attendant implications.
Speaker: Mr. Harshal Bhuta

Interviewed as a 'Thought Leader' on International Tax Law
Seekho (October 2021)
The knowledge-sharing one-on-one session featured the free flow thoughts on various concepts ranging from international tax to transfer pricing to FDI framework to cryptocurrency as well as career advice for students wanting to specialize in cross-border transaction laws. This interview can be viewed from: https://youtu.be/DsNtop9om6I
Speaker: Mr. Harshal Bhuta

Panelist for 'FEMA Compounding Orders: A Panel Discussion
ICICI Bank (September 2021)
The panel discussion on 'FEMA Compounding Orders' was conducted by ICICI Bank in September 2021 due to the interesting topic being in vogue yet again. The panel questions varied from compounding aspects of FDI, ODI, ECB, LRS to even basic provisions of FEMA 1999. The panel discussion had also demarcated time out for questions from participants attending from various organizations and professional firms.
Co-panelists: Hardik Mehta & Tanvi Vora
Moderator: Manish Sureka
Speaker: Mr. Harshal Bhuta

Exclusive Trainer for 30-hour FEMA Masterclass Series, 2021
Taxsutra Neurons (July 2021)
The 30-hour FEMA Masterclass Series with Taxsutra Neurons consisted of pre-recorded sessions as well as live sessions throughout July 2021 and ended with a live Q&A session in August 2021. It is the only long-format Masterclass Series on FEMA ever conducted by a solo trainer. It covered the expanse of FEMA in carefully drafted 16 sessions. Through the Masterclass Series, all the delegates were taken through the building blocks of FEMA and then to the core areas such as Entry Strategies into India, Outbound Investment Structures, Cross-border funding avenues, Cross-border trade regulations, Transnational remittance guidelines, FEMA due-diligence, etc. The Series also dealt with live burning issues as FEMA & Cryptocurrencies, NFTs, SPACs, E-commerce battles, Arbitration, etc.
The Masterclass Series had enrolment of over 200 participants from across India. Participant profile consisted of CXOs from Industry as well as professionals from marquee consulting firms which included premier law firms too.
Speaker: Mr. Harshal Bhuta

Speaker for Live Webinar on 'Basic Concepts & Principles of Transfer Pricing
Goa Branch of WIRC, ICAI (June 2021)
The webinar on this topic was delivered as inaugural session of the Study Course on Transfer Pricing conducted by Goa Branch of WIRC, ICAI. The webinar introduced the participants to various concepts and principles under Transfer Pricing such as the genesis of Transfer Pricing; structure and scope of Indian regulations; definitions; introduction to concepts of FAR, MAM, TP Audit, TP assessment, APA, Documentation, and Secondary adjustment.
Speaker: Mr. Harshal Bhuta

Speaker for Live Webinar on 'Bank a/cs, LRS & $1 million scheme
Western Indian Regional Council, The Institute of Chartered Accountants of India (May 2021)
This session was part of the Virtual Refresher Course on FEMA conducted by Western Indian Regional Council, The Institute of Chartered Accountants of India through the month of May 2021 over eight sessions on FEMA. The topic alloted to Mr. Harshal Bhuta was 'Bank accounts for non-residents and residents, LRS scheme for Residents & $1 million scheme for NRIs'. The endeavour of the presentation was to share insights into regulations as well as practices adopted by Authorised Dealers for processing transactions. The presentation ended with three real life scenario case studies.
The webinar can be viewed by clicking on the following link: https://youtu.be/kbRuT_dAF1U
Speaker: Mr. Harshal Bhuta

Speaker for Live Webinar on 'External Commercial Borrowings & Lending
Borivali (Central) CPE Study Circle of Western India Regional Council, The Institute of Chartered Accountants of India (May 2021)
This session was a part of 'Series on FEMA' conducted by Borivali (Central) CPE Study Circle of Western India Regional Council, The Institute of Chartered Accountants of India. The presentation gave a detailed overview of regulations dealing with Borrowing and Lending in Foreign Currency & Indian rupees along with recent changes. The session also covered template compounding orders on this topic and ended with two practical case studies.
Speaker: Mr. Harshal Bhuta

Speaker for Live Webinar on 'Residency Provision under Indian Income Tax Law'
Panis and Shah Associates DMCC (April 2021)
Indian Finance Act, 2020 and Finance Act, 2021 both have collectively brought about a paradigm shift in the provisions dealing with the non-residential status of an individual under Indian income tax law. The live webinar was conducted for the benefit of clients of Panis and Shah Associates DMCC to explain the core concepts to them along with the changes introduced vide these Finance Acts. The session also explained in detail the implications arising from the regulatory amendments under Indian Income Tax Act, 1961 as well as under India-UAE DTAA apart from other DTAAs entered into by India with GCC countries.
Speaker: Mr. Harshal Bhuta

Faculty for FEMA Intensive Course
The Chamber of Tax Consultants (March 2021)
The FEMA Intensive Course was conducted by The Chamber of Tax Consultants with the aim to provide comprehensive knowledge of FEMA regulations to the participants. The presentation was on the topic - 'Compounding of offences - major areas, general guidelines and procedural aspects including few important orders and LSF'. The presentation gave a complete overview of compounding provisions and dealt with questions of law arising from important compounding orders.
Speaker: Mr. Harshal Bhuta

Faculty for 21st Intensive Study Course on Double Taxation Avoidance Agreements
Bombay Chartered Accountants' Society (March 2021)
The Intensive Study Course on Double Taxation Avoidance Agreements is conducted annually by Bombay Chartered Accountants' Society which is a reputed organisation with more than 9,000 CA members from all across India. As part of continuing faculty for this Intensive Study Course, the participants were first introduced to various concepts under the subject of 'Article 24: Non-Discrimination' by explaining the commentary under OECD and UN Model Convention. Along side, entire jurisprudence in India till March 2021 on the subject of Non-Discrimination under DTAA was critically analysed and discussed.
Speaker: Mr. Harshal Bhuta

Trainer for 'Masterclass on COVID-19 Impact on International Tax and Transfer Pricing
International Business Intelligence (June 2020)
The Masterclass on 'COVID-19 Impact on International Tax and Transfer Pricing' was conducted over a live interactive webinar spread over three hours. The Masterclass was attended by CXOs (Finance and Tax functions) as well as tax professionals from consulting firms. The Masterclass covered the following topics:
Covid-19 impact on International Taxation:

• Individual residency
• POEM for Companies
• PE:
• Fixed Place PE,
• Agency PE
• Construction PE
• Service PE
• Preparatory and Auxiliary Activities exemption
• Cross-border workers

Covid-19 impact on Transfer Pricing:

• Comparability Analysis
• Analysis of Taxpayer's circumstances
• Comparability factors for a controlled transaction
• Selection of Tested party + MAM + PLI
• Internal vs. External comparable
• Search process
• Comparability adjustments
• Determination of ALP
• Safe Harbour provisions
• Secondary adjustments
• APA

Trainer for Masterclass on FEMA
International Business Intelligence (December 2019)
The full day Masterclass on FEMA was conducted in Mumbai at The Orchid Hotel. The Masterclass was attended by CXOs handling Finance and Treasury functions. It gave an exposition of the entire provisions of FEMA along with case studies and also made for an interesting interactive session for addressing a wide variety of practical problems faced by industry professionals.
Speaker: Mr. Harshal Bhuta

Trainer for 'Masterclass on Cross-Border Transactions: FEMA, International Taxation & Transfer Pricing
International Business Intelligence (May 2019)
Two-day 'Masterclass on Cross-Border Transactions: FEMA, International Taxation & Transfer Pricing' was conducted at Bangalore and Mumbai each which dealt with varied topics under Indian Foreign Exchange Regulations, Transfer Pricing as well as International Taxation. Masterclass was attended by CXOs (Finance, Tax and Treasury functions) which made it an interesting event for the exchange of ideas and thoughts on regulatory challenges facing the corporate sector on tax and foreign exchange regulatory front.
Speaker: Mr. Harshal Bhuta

Trainer for 'Masterclass on Cross-Border Transactions: FEMA, International Taxation & Transfer Pricing
International Business Intelligence (February 2019)
One-day 'Masterclass on Cross-Border Transactions: FEMA, International Taxation & Transfer Pricing' was attended by CXOs (Finance, Tax and Treasury functions) as well as practicing legal professionals. Masterclass on Cross-Border Transactions covered the following topics:

FEMA

• Framework of FEMA
• Important definitions and controversies
• Difference between Capital a/c vs. Current a/c transactions
• Inbound investment options into India
• FDI Policy framework in India
• Downstream Investments
• Exit routes for inbound investments
• FEMA Regulations for Cross-border mergers
• Pricing guidelines for FDI instruments
• Reporting framework of FDI
• Latest changes in FDI Policy: Ecommerce
• Outbound Investment Policy Framework
• Important definitions: JV, WOS outside India, financial commitment
• Valuation norms for outbound investment
• Round tripping
• Outbound investment by individuals
• Reporting for outbound investments
• External Commercial Borrowing and External Commercial Lending
• Latest regulatory changes for ECB

International Taxation

• Introduction - Residence vs. Source concept, Juridical vs. Economic Double taxation
• Different Model Tax Conventions
• Interpretation Of Tax Treaties
• Structure of a Tax Treaty
• Accessing a Tax Treaty
• Recent Developments in India - Interest deduction limitation, Equalization Levy, Significant Economic Presence, POEM, GAAR
• Recent Developments Worldwide - BEPS Project & MLI

Transfer Pricing

• Transfer Pricing Framework in India
• Basic concepts and controversies - AE & International Transaction
• Other important concepts: FAR analysis, tested party, MAM, comparability adjustments, range concept, selection of multiple year data
• Application of Transfer Pricing Methods
• Transfer Pricing Documentation requirements in India
• Statutory reporting requirements
• Recent Developments in India - Safe harbour regime, Secondary Adjustment, Marketing Intangibles, CbCR
• Recent Developments Worldwide - BEPS Action Plan 8-10

Speaker: Mr. Harshal Bhuta

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.

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.

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.

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.

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

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.

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

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.

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

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?