i. The person is required to intimate his Bankers about the change in the status as “Non Resident” under FEMA.
ii. He may opt for giving a general / specific POA to a close relative to do things on his behalf during his stay abroad.
iii. Intimate the companies, firms where he is a shareholder, partner, and deposit holder about the change in his status as non-resident under FEMA.
iv. Retire from the firm / company if it is carrying on business of real estate, nidhi, lottery, betting, gambling, manufacturing of cigars, etc., trading in TDRs etc.
v. Planning the date and month of departure out of India so as ensure minimum tax liability in the year of departure (i.e. April to March).
vi. Taxability of Income earned in and outside India in the year of departure and in the subsequent period.
vii. Application of Double Taxation Avoidance Treaty, where applicable.
viii. Advice / information on various aspects of Tax Laws / FEMA, 1999 in respect of holding of assets in and outside India / earning income in and outside India and its taxability.
ix. When filing return of income in India, he should state his residential status as ‘NRI’ instead of resident.