Yes, the IT department of taxation has the right to ask about your total income. But the number of days that you have lived in India are going to decide whether you will pay tax in India or the country of your stay right now. The number of days will be checked in the period of 2016-17 taxation.
General Queries About NRI/OCI Investments in India
An OCI card holder is treated at par with Non Resident Indian or NRI for financial and educational matters. Only few mutual fund houses allow NRIs from US to invest in mutual funds.While investing in mutual funds you need to comply with KYC requirements as well as FATCA Compliance is required.For investment options, you can check our detailed posts for NRIs : http://fintrakk.com/best-investments-for-nri/ and http://fintrakk.com/how-can-nri-invest-in-mutual-funds-in-india-us-canada-other-nris/
For NRIs global income is taxable in India. As far as paying taxes in US is concerned, it is better to check the same with some International taxation expert.
There are a lot of restrictions on NRIs investing in securities market in India. In most cases, NRIs can invest in IPOs except for NRIs staying in USA and Canada. You need to close the existing Demat account that you had when you were resident. You have to open a new Demat account once you become NRI.
I don't understand why it is not made easy for NRIs to invest back in the country of their origin. If one moves to another country but still wishes to retain some investments back in home country, the process should be simplified. Hope we get to see some relaxations.
Disclaimer: Any views/recommendations expressed in the forum, of the individuals are their own only. Fintrakk doesn't endorse or recommend any financial product or views by the users of the forum. The information/comments on the forum should not be considered as a financial advise. Please do your own due diligence before investing. Fintrakk is not responsible for any financial loss to any of its visitor/user.