Moving to India from USA. Need advice on taxability
This query is : Resolved
18 November 2024
I am moving to India for good. I shall be a resident this year in India. I have the following accounts, income, assets in USA.
Checking account - Shall declare it in schedule FA for FY 2024-25
Income from salary - Shall declare it in schedule FA for FY 2024-25. Is this declaration needed? I have this salary amount credited to the checking account and will already declare this checking account balance. And will the period of reporting be Jan 2024-Dec 2024 or April 2024- March 2025? Have some income in January 2025 as well
No 401k, pension plans etc.
I have employer medical insurance, accident insurance, vision, dental. - Anything to declare here? Or any accounts to declare? These plans will be terminated when i leave my employer.
Social security and medicare taxes were deducted from me and also employer paid equal amount of taxes that i paid. - Is there any reporting for this? Account number or anything? As far as i read, these are not my assets and i don't hold any of these. Anything needed to do for these?
Checking account - Shall declare it in schedule FA for FY 2024-25
Income from salary - Shall declare it in schedule FA for FY 2024-25. Is this declaration needed? I have this salary amount credited to the checking account and will already declare this checking account balance. And will the period of reporting be Jan 2024-Dec 2024 or April 2024- March 2025? Have some income in January 2025 as well
No 401k, pension plans etc.
I have employer medical insurance, accident insurance, vision, dental. - Anything to declare here? Or any accounts to declare? These plans will be terminated when i leave my employer.
Social security and medicare taxes were deducted from me and also employer paid equal amount of taxes that i paid. - Is there any reporting for this? Account number or anything? As far as i read, these are not my assets and i don't hold any of these. Anything needed to do for these?
Dhirajlal Rambhia
(Expert)
18 November 2024
If you are moving back to India this year after long stay in foreign countries, you could be either NRI or RNOR for current FY, as per sec. 6 IT act. For NRI or RNOR these declarations are not mandatory. So, better consult an experienced CA for proper guidance.
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