@sukhdeepjohar Hi, The no. of days you stayed in India determine your residential status. Firstly, check your residential status for that particular year. Were you actually a Resident in AY 2016-17.
If you are resident Indian in a particular financial year then your global income is taxable in India. Tax residents of India are subject to tax on global income.
If you are NRI then only income earned in India or earnings on services provided in India are taxable. You need to consult a good CA to handle this matter in the appropriate way.
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.
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