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Yes, you must close or redesignate your NRE accounts upon returning to India. As per FEMA (Foreign Exchange Management Act), once you move back to India to stay permanently, you will be considered a resident from that day onwards. Hence, you must convert your NRE account into a normal resident account or close it to comply with Indian rules.
The 4-year rule determines an individual's tax residency status. An NRI's status depends on an individual's presence in India over a specific time period. According to the Income Tax Act, an individual will be considered an NRI if they meet any of the following conditions: If he/she is in India for a period of 182 days or more during the preceding year, or If he/she has been in India for a period of 60 days or more during the previous year and 365 days or more during four immediately preceding the previous year.
NRIs can plan for retirement by investing in NRE fixed deposits, mutual funds, or pension plans that match their long-term goals. Also, they can maintain residential property or assets in India and check DTAA benefits to plan tax efficiently.
A person qualifies as an NRI if they stay outside India for 182 days or more in a fiscal year. However, some additional criteria may apply depending on residential status and income earned in India.
Yes, NRIs must file an ITR in India if they earn income, such as rent, capital gains, or business profits, that exceeds the basic exemption limit, which is Rs. 2.5 lakhs. Income earned and taxed overseas is not taxed in India unless it is received here.
According to recent updates, Indian citizens with income exceeding Rs 15 lakhs in India and who reside in India for 120 days or more may be considered residents but not ordinarily residents (RNOR). It affects taxation and eligibility to invest.
By Pankaj Shaw |Last Updated: November 8, 2025
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