Moving to India from USA. Need advice on taxability

This query is : Resolved

AJAYI (Querist)
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18 November 2024 I am moving to India for good. I shall be a resident this year in India. I have the following accounts, income, assets in USA.

Checking account - Shall declare it in schedule FA for FY 2024-25

Income from salary - Shall declare it in schedule FA for FY 2024-25. Is this declaration needed? I have this salary amount credited to the checking account and will already declare this checking account balance. And will the period of reporting be Jan 2024-Dec 2024 or April 2024- March 2025? Have some income in January 2025 as well

No 401k, pension plans etc.

I have employer medical insurance, accident insurance, vision, dental. - Anything to declare here? Or any accounts to declare? These plans will be terminated when i leave my employer.

Social security and medicare taxes were deducted from me and also employer paid equal amount of taxes that i paid. - Is there any reporting for this? Account number or anything? As far as i read, these are not my assets and i don't hold any of these. Anything needed to do for these?

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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18 November 2024 If you are moving back to India this year after long stay in foreign countries, you could be either NRI or RNOR for current FY, as per sec. 6 IT act. For NRI or RNOR these declarations are not mandatory. So, better consult an experienced CA for proper guidance.