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Utsav R. Doshi

Latest Posts by Utsav R. Doshi

New TCS Regulations: Everything an EB5 applicant may want to know

September 4, 2023 3612 Views 0 comment Print

This white paper on TCS on foreign remittances, more specifically for investments in lieu of citizenship, is presented in an easy to read Q&A format

Income Tax RAID – understanding Survey Vs. Search

April 30, 2020 52508 Views 9 comments Print

Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as raid.

Tax FAQs for Non-resident Indian

April 28, 2020 23993 Views 3 comments Print

Each family in India has at least one family which is resident outside India. Previously, the number of transactions between a resident and non-resident were limited but with growing number of family members now settling outside India, there is a tremendous increase in inflow and outflow of money between the two. This has made the tax department savvier and it has been increasingly important for both, resident as well as non-resident, to stay updated with fundamental rules and regulations.

7 things to know about Income-tax ‘Scrutiny’

April 24, 2020 127505 Views 21 comments Print

1. What is Scrutiny? Once the assessee files his return of income, irrespective of whether it is filed within the due date or in pursuance to a notice requiring the assessee to file his return, the department can initiate scrutiny proceedings if it has reason to believe that income is escaping assessment, i.e. income is under stated of expenditure is over stated.

Procedural Aspects for Lower or NIL TDS rate on Property Sale by NRI

January 15, 2020 46344 Views 31 comments Print

The benefits of obtaining a lower rate TDS certificate are enormous. It saves interest on monies that would otherwise get blocked, and also the mammoth hassle of obtaining refund at a later stage. However, there are very people who are availing this facility successfully. There is a plethora of theory on internet on this subject; however, every now & then I keep facing questions, from my friends in the fraternity as well as from clients, on the practical and procedural part for completing the task successfully. With that in mind, I am depicting a comprehensive picture.

Taxation of Global Income in USA for Indians who are US Citizens, NRIs, or Green Card holders, including for EB-5 immigrants

July 31, 2017 14511 Views 4 comments Print

The issue of global taxation of Indians residing in USA, or residing in India but being a US reportable person, requires comprehensive understanding of the following: US tax laws which are governed by IRS; Specific regulations under FATCA which covers foreign assets; Provisions of FEMA in India; Guidelines by the Reserve Bank of India from […]

Know more on Overseas Direct Investment (ODI) with more & more Indian Co.’s going global

February 19, 2017 9774 Views 0 comment Print

ODI primarily refers to a situation in which an Indian party is willing to acquire stake or some other form of a financial commitment, partially or wholly, in an overseas company.

Rule 8D read with Sec 14A gets a Twist

July 18, 2016 114117 Views 8 comments Print

Finance Act 2016 amended the existing Rule 8D of the Income Tax Rules. Before coming to the intricacies of the amended Rule, which have been put in effect from 2nd June, 2016, it would be important to cover a few basics of the section per se and the erstwhile methodology.

Has FATCA really given a ‘fatca’ to Indian Diaspora in USA?

December 22, 2015 4419 Views 10 comments Print

USA, a nation with a population of close to 319 million with one of the highest GDP in the world, approximately 10 times of India’s yearly Gross Products is now going around the world to find and catch her own citizens and green cardholders who earn income and accumulate wealth outside the States.

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