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Taxation Touch Points For Returning NRIs

Posted on October 01 2020

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While we welcome you back to India, we feel that while you return to India for good, you should know various aspects of Foreign Exchange Regulations (FEMA), Indian Taxation and Banking Regulations in order to rearrange your financial affairs in India and outside India.

While you relocate to India, please take care of the following aspect
 
  • Please monitor, record and periodically report on your investments.
  • Please redesign  all Indian bank accounts as Resident accounts.
  • Please open and ensure compliance in respect of 'Resident foreign currency' (RFC) account
  • Please Inform all companies, funds, etc., about  shares and securities that  are held by you regarding the change of residential status/relocation to India
  • Please ensure compliance in respect of the Indian Income-tax Act, 1961 e.g. application for PAN
  • Please ensure compliance in respect of Wealth-tax Act, in case required e.g. filing of wealth-tax return
  • Miscellaneous other issues
 
In case you are an Emigrating Indian/ New NRI
 
  • Please obtain clearance required under FEMA from RBI to continue to hold certain assets in India.
  • Please facilitate repatriation of sale proceeds and income of assets that you hold in India.
  • Please plan your tax liability in India.
  • Please monitor record and report on your investments in India.

Hope we have been of help to you. Please feel free to get in touch with us at TaxAssist in case you need to know more.  

 

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