Income tax liability on pass through funds

 That being said, here are some general insights: -

If the amount is transferred to your NRO account, you may be subject to tax liability, even if taxes are paid at source. -

 You will likely need to declare this income in your ITR filing, as it's considered part of your global income. -

To avoid future hassles or queries from the income tax department, you may want to:

1. Obtain a tax clearance certificate from the appointed liquidator.

 2. Get a certificate from a chartered accountant stating that all taxes have been paid.

 3. Keep detailed documentation of the entire process, including:

a. Liquidator's statement

 b. Tax payment receipts

 c. Bank statements showing the transfer

d. Your communication with the liquidator and other shareholders Regarding the FCGRP documentation,

 you may want to consult with the liquidator or a tax expert to understand the implications and potential consequences.

Lastly, when settling the shareholder accounts with your USD funds abroad, ensure you comply with the relevant foreign exchange regulations and tax laws in your country of residence.