Financial planning for NRIs

For tax, you are a non-resident if you spend fewer than 182 days in India in the financial year and do not meet the secondary test (60 days in the year plus 365 days over the previous four years; the 60 becomes 120 for Indian citizens or PIOs visiting with Indian income above ₹15 lakh). FEMA uses a different, intention-based definition for banking and investments. Use FinPlann's residential status calculator to check your case.

An NRE account holds money earned abroad; it is freely repatriable and its interest is tax-free in India. An NRO account holds income earned in India, such as rent or dividends; its interest is taxable in India and repatriation is capped at US$1 million per financial year with Form 145 (formerly 15CA) and Form 146 (formerly 15CB).

Yes, if your Indian income is above the basic exemption limit, or if you want a refund of excess TDS, which is common because tax is deducted at higher rates on NRI income such as property sales and NRO interest. Filing also lets you carry forward capital losses.

Yes, through NRE or NRO accounts after completing KYC with NRI status. Some fund houses restrict investors resident in the US or Canada because of FATCA reporting, and US residents face PFIC rules on Indian mutual funds, so check both before investing.

Resident but Not Ordinarily Resident (RNOR) is a transitional status that returning NRIs usually get for up to two or three years. While RNOR, most foreign income is not taxed in India, which gives a window to reorganise foreign investments tax-efficiently.