Dear experts:
What is the implications on income tax on acquiring citizenship of another country? The original citizenship is Indian. I have been filing income taxes for past 15 years. I have banks accounts in India. Is the income tax authority need to be notified?
Thanks in advance.
As such you should surrender your Indian Citizenship, by getting surrendered Indian Passport, and inform bank/s, where you have account/s about your new citizenship.
Similarly, inform in writing your Jurisdictional ITO about your change in citizenship.
Your ITR would be filed based on your income earned, along with your status of residency based on your number of days stayed in India.
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