Meet CA Happy Agarwal
Founder & Principal Advisor, FEMA Expert
Chartered Accountant | FEMA, International Taxation & Cross-Border Transaction Advisor
I am CA Happy Agarwal, a Chartered Accountant with over 8 years of professional experience in cross-border transactions, the Foreign Exchange Management Act (FEMA), NRI taxation, international taxation, transfer pricing, and import-export advisory. My professional focus is on helping individuals, businesses, investors, and corporate groups navigate the regulatory, taxation, and compliance challenges associated with domestic and international transactions. As the founder of FEMA Expert (www.femaexpert.com), I aim to provide practical, reliable, and comprehensive advisory services to clients dealing with foreign investments, international business operations, cross-border fund movements, and regulatory compliance in India. My approach combines technical knowledge of applicable laws and regulations with a practical understanding of business requirements. I believe that effective professional advice should not merely explain the law but should also help clients identify the appropriate course of action, understand potential risks, and execute their transactions in a compliant and commercially sensible manner.70 +
Corporate Clients
10 +
Countries Served
400 +
Individual Clients
Areas of Professional Expertise
1. Foreign Exchange Management Act (FEMA) & RBI Compliance
FEMA and Reserve Bank of India (RBI) regulations play a crucial role in governing international investments, remittances, borrowings, and other cross-border transactions. I assist businesses and individuals in understanding and complying with the regulatory requirements applicable to their transactions.
My areas of work include:
Foreign Direct Investment (FDI) into India and related reporting, including Forms FC-GPR and FC-TRS.
Overseas Direct Investment (ODI), overseas joint ventures, and wholly owned subsidiaries.
External Commercial Borrowings (ECB) and related regulatory documentation and reporting.
Annual Performance Reports (APR), Foreign Liabilities and Assets (FLA) returns, and other applicable RBI filings.
FEMA compounding, delayed reporting, and regularisation of contraventions.
NRI investments, repatriation of funds, and foreign exchange transactions.
FEMA due diligence, transaction structuring, documentation, and regulatory advisory.
My objective is to help clients understand their FEMA obligations, address existing compliance gaps, and establish an appropriate framework for managing their cross-border transactions.
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2. NRI Taxation & Cross-Border Individual Taxation
Non-Resident Indians and individuals with international financial interests often face complex questions involving residential status, income taxation, foreign assets, and the movement of funds between countries.
I provide advisory services covering:
Determination of residential status under the Income-tax Act.
Tax implications for NRIs and individuals earning income in India and abroad.
Taxation of salary, dividends, capital gains, rental income, and other applicable income.
Double Taxation Avoidance Agreement (DTAA) provisions and foreign tax credit considerations.
Repatriation of funds, NRE/NRO account-related tax considerations, and applicable FEMA requirements.
Disclosure of foreign assets and income in income-tax returns, wherever applicable.
Tax implications arising from relocation, overseas employment, and cross-border investments.
My focus is to help individuals understand the interaction between Indian tax law, foreign income, and applicable international tax provisions so that they can make informed financial decisions.
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3. International Taxation & Cross-Border Tax Advisory
International business operations can create tax implications in multiple jurisdictions. Appropriate analysis of the applicable tax laws, tax treaties, business arrangements, and operational structures is essential for managing these obligations.
My areas of advisory include:
India–foreign country tax treaty analysis.
Taxation of cross-border payments, including royalties, fees for technical services, interest, and dividends.
Withholding tax implications on international remittances.
Permanent Establishment (PE) exposure and related tax considerations.
Place of Effective Management (POEM) considerations for foreign companies.
Foreign tax credit and relief from double taxation.
Cross-border business structuring and tax implications of international operations.
Tax implications of transactions between Indian and foreign entities.
I work towards providing practical tax analysis that considers the relevant legal provisions, treaty benefits, documentation requirements, and commercial realities of each transaction.
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4. Transfer Pricing & International Related-Party Transactions
Transactions between associated enterprises located in different countries require careful consideration of applicable transfer pricing regulations and documentation requirements.
I assist businesses in understanding their transfer pricing obligations and evaluating the tax implications of international related-party arrangements.
Services include:
Identification and analysis of international transactions with associated enterprises.
Transfer pricing documentation and compliance.
Benchmarking and analysis of arm’s-length pricing.
Advisory on management fees, consultancy charges, royalties, interest, and other intercompany transactions.
Review of intercompany agreements and cross-border cost-sharing arrangements.
Assistance with applicable transfer pricing reporting and Form 3CEB requirements.
Advisory on transfer pricing risks arising from international business structures.
My approach focuses on aligning the commercial substance of transactions with applicable transfer pricing requirements and maintaining appropriate supporting documentation.
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5. Import-Export Advisory & Foreign Trade Compliance
International trade involves multiple regulatory frameworks covering foreign trade policy, customs procedures, export incentives, and foreign exchange realisations. I assist businesses in understanding the compliance requirements associated with their import-export activities.
My areas of work include:
Import-export regulatory advisory and documentation.
Directorate General of Foreign Trade (DGFT) registrations and applicable authorisations.
Foreign Trade Policy (FTP) advisory.
Export incentive and duty-related scheme advisory, subject to applicable eligibility conditions.
Export-Oriented Unit (EOU) and Special Economic Zone (SEZ) compliance.
Free Trade Agreement (FTA) and preferential trade-related advisory.
ICEGATE and customs-related procedural guidance.
Export proceeds, foreign inward remittances, and related FEMA compliance.
Advisory on applicable import-export schemes and operational compliance requirements.
I aim to help importers, exporters, manufacturers, and service providers understand the regulatory framework relevant to their international trade activities.
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My Approach to Professional Advisory
Every cross-border transaction has its own commercial objectives, regulatory considerations, and compliance requirements. I believe that effective advisory begins with understanding the client's facts and business objectives before recommending a suitable course of action. My professional approach is built around the following principles: Practical Solutions: Providing actionable guidance that considers both regulatory requirements and commercial objectives. Regulatory Compliance: Identifying applicable legal provisions, reporting obligations, documentation requirements, and potential compliance risks. Client-Specific Advisory: Recognising that different transactions require different approaches rather than relying on standard solutions for every situation. Clear Communication: Explaining complex regulatory and taxation matters in a structured and understandable manner. End-to-End Support: Assisting clients, as required, with transaction planning, documentation, regulatory filings, coordination with authorised dealer banks, and post-transaction compliance.
