NRIs returning to India: How non-resident Indians can plan for income tax changes, foreign assets repatriation
Published in ETWealth | July 2025
File your income tax return as a resident Indian for the next assessment year. Disclose all foreign assets, accounts, and financial interests in Schedule FA of your income tax return, insists Gaurav Jain, Partner, Direct Tax, Forvis Mazars in India. Even after becoming an ordinary resident, you can claim relief from taxation in specific instances. You can benefit from the Double Tax Avoidance Agreement that India has with over 75 countries globally. Obtain a Tax Residency Certificate (TRC) if required to claim DTAA benefits. “To avoid double taxation, DTAAs must be effectively utilised, and any foreign tax credit must be documented and reported through Form 67,” Jain says.
