Know These Tax Implications Before Moving to India as an NRI
If you are an NRI planning to relocate to India, there are various financial laws and regulatory challenges that you will face if you have not carefully planned your transition. The major concern that NRIs have regarding their finances is the tax laws. NRI returning to India tax implications can be problematic, and you might incur penalties if you are not careful. Do not worry. In the following blog post, we are going to explain all the things you should know to seamlessly transition all your finances to India from a foreign country. Regulatory Bodies There are two main regulatory bodies in India that you must familiarise yourself with as an NRI: Foreign Exchange Management Act (FEMA) and the Indian Income Tax Act (ITA). FEMA tracks and monitors where you can invest. ITA regulates how all of your investments will be taxed. Residential Status It is very important that you are aware of your current residential status. Failing to do so will get you in trouble with the ITA. You will...