I was a resident Indian till Dec 2016. I've moved to UK since then. Unfortunately, I had not updated my bank account to NRO account and had continued to use savings account. I'm now in India for couple of weeks and am changing my account to NRO account and also updating KYC for the mutual funds I invest. For the past one year I had transferred money to India and invested in mutual funds through monthly SIP's, but hadn't changed my resident status with bank and mutual funds.I had withdrawn money from funds once as well (Less than 1 lakh). Is there any Income tax implication for this, as I had Invested in mutual funds and withdrawn money and had not updated my residence status. What should I do about it now? I'm not planning to file tax returns in India as I didn't have any income in India apart from mutual fund withdrawal, which was less than 1 lakh. Kindly advise.
Asked 12 months ago in Income Tax from Bangalore, Karnataka
Thanks for this, so will there be any issues as I had not changed my resident status and continued investing in mutual funds in India and withdrawn money from the same. if I change my resident status now, will it be alright?
Asked 12 months ago