Do I need to bring the money I earned abroad when returning to India?
1 month ago

Do I need to bring the money I earned abroad when returning to India?

Live Mint  

I will be moving back to India in FY25. Under India’s Foreign Exchange Management Act, you are allowed to keep your funds outside India even after you return. If you choose to keep your funds outside India, the tax implications depend on your residency status. So long as you qualify as Resident But not Ordinarily Resident, income earned and accrued outside India is not subject to Indian tax unless it is derived from a business controlled in or a profession set up in India. Once you are Resident and Ordinarily Resident, your global income, including any earnings from foreign-held funds, becomes taxable in India.

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History of this topic

Returning from overseas? This is how taxation works in case of NRIs
2 years, 1 month ago

Returning from overseas? This is how taxation works in case of NRIs

Live Mint  

Many individuals may decide to return to their home country after developing a good professional career abroad. When you return to India, it won't be simple to say goodbye to your NRI status and the associated tax advantages. Depending on how much of the year they spend in India, NRIs who return may permanently lose their NRI status. FEMA and …

Moving back to India? What are the key tax implications?
4 years, 1 month ago

Moving back to India? What are the key tax implications?

Live Mint  

The current pandemic has triggered a significant move back to India by Non-Resident Indians. Take an example of an individual who left his job overseas and came back to India permanently during the current year; he shall be considered as resident as per the Foreign Exchange Management Act from his date of move to India, even though he was not …

Taxability depends on the source of income
4 years, 3 months ago

Taxability depends on the source of income

Live Mint  

I have been living in London since 2001. Basic conditions: Physical presence in India during the relevant FY is 182 days or more; or Physical presence in India during the relevant FY is 60 days or more and 365 days or more in the preceding 4 FYs; or An Indian citizen if he is not liable to tax in any …

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