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Retirement Planning
Are you Ready to Return to India?
Get an Assessment done right away!
Returning to India as a Non-Resident Indian (NRI) involves several immediate actions that are crucial for a smooth transition. Many NRIs overlook the importance of thorough retirement planning, which is vital for ensuring financial stability and comfort in the later years of life.
Contact UsChoose Us for Expertise, Trust, and Tailored Solutions
PravasiTax excels in providing tailored retirement planning and advisory services to NRIs. Our team conducts detailed financial analysis, helping clients understand their asset portfolio and its potential growth. Additionally, PravasiTax offers mock assessments of past transactions, allowing clients to identify any compliance issues and rectify them proactively. This thorough approach not only aids in effective retirement planning but also ensures that NRIs are well-prepared for their return to India, enabling a seamless transition into their new phase of life.
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FAQs
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What is retirement planning?
Retirement planning involves setting aside funds and making investments to ensure financial security during retirement.
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What Should an NRI Do on Returning to India?
• Inform the financial institution and convert your NRE/FCNR account to a resident account.
• Get your status updated as a resident for your mutual fund investments. -
What Happens When I Lose My NRI/ NOR Status?
Once an NRI returns to India, his status changes to NOR, which changes to ROR after a few years where your global income becomes taxable in India.
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Are there tax implications for NRIs when investing in India?
Yes, NRIs are subject to different tax regulations in India. Income from certain investments may be taxable, and it's important to consult a tax advisor.
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What are some common mistakes NRIs make in retirement planning?
Underestimating living expenses, failing to account for inflation, not diversifying investments, and neglecting tax implications.
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