i. 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).
ii. Taxability of Income earned in and outside India in the year of departure and in the subsequent period.
Advice / information on various aspects of Tax Laws / FEMA in respect of holding of assets in and outside India / earning income in and outside India and its taxability.
When filing ROI in India, he should state his residential status as “Non Resident” instead of resident.
The person is required to intimate his Bankers about the change in the status as “Non Resident” under FEMA.
He may opt for giving a general / specific POA to a close relative to do things on his behalf during his stay abroad.
Intimate the companies, firms where he is a shareholder, partner, and deposit holder about the change in his status as “Non Resident” under FEMA.
Retire from firm/company if it is carrying on business of real estate, nidhi, lottery, betting, gambling, manufacturing of cigars, trading in TDRs etc.
ix. Application of Double Taxation Avoidance Treaty (DTAA) between India and country of new residence, where applicable.