- Intimate Bankers about change in status to “Non-Resident” under FEMA.
- You may opt to give a general/specific Power of Attorney to a close relative to act on your behalf during your stay outside India.
- Intimate the companies, firms where you are a shareholder, partner, and deposit holder about the change in status as “Non-Resident” under FEMA.
- Retire from firm/company if it is carrying on business of real estate, nidhi, chit fund, lottery, betting, gambling, manufacturing of cigars, etc., trading in TDRs etc.
- Open Non-Resident External (NRE) Account just before leaving in India. Alternatively, take necessary forms for opening the account from the Bankers and can be sent to them after leaving India.
- Do not carry more than USD 10,000/- in hand when travelling outside India.
- Filing Return of Income as a Non-Resident.
- Change in residential status and taxability of income.
Direct Tax Services:
Amid the challenging economic scenario and newfound initiative by the Government to improve tax environment, businesses need to pay close attention to tax challenges and rework their strategies.Know More...