00:10foreign
00:17foreign
00:18accounts
00:19mutual funds
00:21retirement fund
00:22can be made, maybe you will get ESOPS. Then you have decided that you will go to India.
00:27You are going to have a new house, school, school, business planning.
00:35You think everything is normal, but this is the biggest thing.
00:40After India, you don't have to unpack your biggest responsibilities, but you don't have to understand your tax identity.
00:48You don't have to understand your income tax department.
00:53The question is, what is your residential status in this financial year?
00:59This is what is your income taxable in India.
01:04What is your foreign bank accounts?
01:06Do you have to disclose foreign assets?
01:09Do you have to continue the NRE account?
01:11Do you have a compliance mistake, notice or penalty?
01:16In this video, we will try to understand all these questions.
01:21And how can you get these questions?
01:23You can also tell them.
01:24Now, for all these terms, you need to understand some of the things you need to understand.
01:29First, let's start with the terms, which you need to know.
01:33What is RNOR?
01:36Returning NRI, which is the best tax rules?
01:38What is RNOR's income tax?
01:40How do you need to know?
01:41How do you need to know about FNR accounts?
01:42How do you need to know about RNORs?
01:54and you can complete your compliance with your own property.
01:58First of all, let's say that the income tax department will make a decision.
02:04Many people think that the passport has written an NRI or some years,
02:10so that India will automatically have NRI.
02:14But in income tax, it doesn't happen to be a nationality,
02:18but to be a residential status.
02:20It's the first time you will have a financial year.
02:28It's the first time you will have a financial year.
02:30If you have a status is NRI,
02:33then you can also be resident resident.
02:35And it's the second time you will have a financial year.
02:39The first time you will have a financial year,
02:45because this time you will have a full tax treatment.
02:48change.
02:49Here is a status which is very few people know, but returning Indians is the most valuable
02:54transition period.
02:56The name is RNOR, resident but not ordinarily resident.
03:01The question is, what is RNOR?
03:03The name is confusing, but it is not ordinarily resident.
03:09The Income Tax Act has made this category that many people, many years after India are lost
03:15to the full resident taxation.
03:19You can understand the transition phase.
03:23You are now back to India, but your whole life will not change.
03:28You have foreign investments, foreign salary, foreign retirement accounts, foreign bank accounts
03:34and all of them will be in India's system.
03:38This is RNOR's concept.
03:41In practical life, this is about 2-3 years of transition window, but the real eligibility
03:48will depend on your stay pattern and residency conditions.
03:53This is the time when you need your financial structure to reorganize.
03:59Now you can understand that RNOR is so important.
04:02How can you imagine?
04:04Imagine, if there is a person who is living in 15 years, who has made assets and made investments,
04:11and the next day in India, the entire global financial life will be full resident tax.
04:17So, compliance is very complicated.
04:20This is why RNOR is a breathing space or a period of planning.
04:25You can review your bank accounts, foreign investment,
04:30and devaluate and evaluate.
04:31You can understand the tax documents,
04:32you can understand the future reporting,
04:35and you can see the resident tax system.
04:39Now, you can be aware of it.
04:41Now, you don't have to take a look at this.
04:41R.N.OR is not a permanent status.
04:43You can see the residential status in every financial year,
04:45there is a residential status.
04:47This is why you will never be aware of it.
04:50If you get into that, you will be aware of the R.N.OR.
04:59If you have a NRE account or a NRO account or a FCNI deposit, then they don't leave it like
05:07this, because these accounts are NRI status for being made.
05:11When you have a status change, then you can also give it your responsibility to the bank.
05:16Many people think about it, but this approach is a future compliance issue.
05:23So, after India, first contact your bank or relationship manager.
05:30Your residential status is updated and ask your accounts to convert.
05:37In some cases, there is a conversion.
05:40In some cases, RFC is a useful option.
05:45If your foreign currency funds are available, then the RFC can be a good bridge.
05:51But which options are available?
05:54It depends on your individual situation.
05:56Asumptions, to make the bank proper restructuring.
06:00Remember that the old NRE account will not leave it for years.
06:04Now, how do you ignore the topic?
06:13If you have a foreign bank account, brokerage account, US stocks, foreign mutual funds, retirement plan, pension plan, ESOPs, employer
06:23stock plan, insurance investment, or overseas financial asset.
06:27So, just to keep them on the right, you can only keep it in the right place.
06:30But, in India, the right time of the right place is necessary to disclose it.
06:35Many people think that they will not be able to do it.
06:37They will not be able to do it.
06:38They will not be able to do it.
06:40But, reporting rules are not the same.
06:42But, reporting rules are not the same.
06:43You can see which you have to find the foreign financial assets.
06:47You have to find the same.
06:48If you have a disclosure, it is the right schedule.
06:49in complete information or any account to forget the unnecessary notices.
06:57In India, first of all, complete asset inventory.
07:01Which account, which investment, which retirement fund, which shares, all documents.
07:07This list will be the most important part of the ITR filing.
07:11Black Money Act.
07:17If you have a legal income, if you have a legal investment,
07:20and you have a legal investment after India,
07:22then you don't have to worry about it.
07:25The problem is, when the foreign assets report is not.
07:30The objective of the Black Money Act is returning NRIs.
07:35It is undisclosed foreign assets and undisclosed foreign income.
07:39If you have a financial history, then you will be transparent.
07:45The asset is the right way to report.
07:48Document and records complete.
07:50Compliance and secrecy is a better strategy.
07:53Let's talk about the 5 mistakes.
07:561. Bank residential status update.
08:01Some people have years to run NRI accounts.
08:05This is a very big mistake.
08:062. R&OR period waste.
08:09This is the best time for planning.
08:11But people understand it.
08:133. Foreign bank accounts.
08:15Stocks, mutual funds, retirement funds, ESOPs,
08:18or ITR report.
08:204.
08:214.
08:315.
08:355.
08:446.
08:464 step checklist.
08:48Step 1.
08:562.
08:572.
08:582.
08:592.
08:593.
09:042.
09:053.
09:082.
09:093.
09:113.
09:123.
09:134.
09:214.
09:215.
09:266.
09:2810.
09:288.
09:319.
09:339.
09:359.
09:3910.
09:39tax identity, reporting, banking structure, compliance responsibilities,
09:44if you have to understand the R&O period, residential status correctly,
09:50bank accounts, foreign assets properly documented and right IDR filing,
09:55then your whole transition will be smooth. But if you think about it,
10:00then you can see the small mistakes, unnecessary notices, delays and compliance issues.
10:06If you can see a tax planning, it will be deductions,
10:09if you like the tax savings, it will be the right status management.
10:13If you have a family member or family member,
10:16you can share your video,
10:19because you will be able to save the wrong place.
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