A Complete Financial Guide for Returning NRIs to Manage Taxes, Investments, and Compliance in India.
Expert insights for NRIs on financial planning, taxation, compliance, and smooth relocation when returning to India.
Whether it is about tax implications or converting your foreign bank account to India, this is how you can take our services:
Visit our site, connect with our team, and tell us your return plans and your present financial position.
Our experts will review your Indian and foreign country holdings and provide you with the best adjustments.
We will provide an overview of covering exit tax, Indian regulations, and post-move compliance in the foreign country.
Our team will help you with document formatting, account consolidation, and onboarding.
From tax planning to filing the ITR and managing investments, Savetaxs is a one-stop solution for NRI returning to India.
Hear from our clients their views on our tax & compliance services for NRIs moving back to India.
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Clear and Concise Answers to the Most Frequently Asked Questions for Better Understanding and Guidance
If you are a U.S. citizen, then yes, even after moving back to India, you need to pay U.S. taxes. However, if you are a green cardholder, to stop the U.S. tax regulations, you may need to surrender your green card status to the US tax officials.
Yes, you can keep your 401(k) after moving back to India. However, on your withdrawals, US tax implications may apply. You can avoid so by rolling over or moving your current 401(k) into the plan of the new employer. Also, you can opt for an IRA for moving your funds from a 401(k) to a new place.
An exit tax is imposed on individuals or businesses who renounce their citizenship in a country. It is imposed to prevent taxpayers from avoiding the implied tax by leaving the citizenship before a taxable event happens. An exit tax is generally levied on unrealized gains of individuals and businesses.
If you return in the mid-financial year (August), you are considered resident but not ordinarily resident (RNOR) of India till the start of the next financial year in India. It is an ideal selection to get tax-efficient options.
Yes, if you sell your U.S. stocks after relocating to India as an RNOR, then on the sale, you do not need to pay any tax. It particularly stays tax-free if the amount remains in your U.S. accounts.