The question that comes up most often among UK-resident Indians is deceptively simple: do I need to tell HMRC about my Indian bank account? The answer, for most UK tax residents, is yes.

UK tax residents are generally taxed on worldwide income and gains, subject to the remittance basis rules that used to apply to non-domiciled individuals (a regime that has changed significantly with reforms effective from April 2025, replacing the old non-dom remittance basis with a new residence-based system). Indian NRE and NRO fixed deposit interest, mutual fund income, dividends, and rental income from Indian property all typically need to be reported on the UK self-assessment return, converted into pounds sterling using appropriate exchange rates for the relevant dates.

The India-UK Double Taxation Avoidance Agreement provides relief so the same income isn’t taxed twice, but claiming that relief means having clean documentation from the Indian side: TDS certificates, Form 26AS, capital gains statements on any shares or property sold. Property sales in particular need careful handling, since India taxes capital gains on sale by non-residents with its own TDS mechanism, and the UK will want the gain reported under its own capital gains tax rules, with foreign tax credit claimed against what was already withheld in India.

One detail that catches people out is the UK tax year itself, running from 6 April to 5 April, which rarely aligns with India’s April-to-March financial year. That mismatch means income sometimes needs to be apportioned across two Indian financial years to map onto a single UK tax year correctly.

What generally saves the most stress is treating Indian financial records as something to organise continuously, not something to assemble the week a filing deadline looms. Ashutosh Financial Services has seen how much smoother the process becomes when NRIs bring consolidated Indian statements to their UK accountant well in advance. Ashutosh Financial Services runs periodic sessions for the UK NRI community on staying compliant across both tax jurisdictions.

Australia’s tax year runs from 1 July to 30 June, which already puts Indian-origin residents on a different clock than the one they grew up with. Add in the fact that Australian tax residents are assessed on worldwide income, and Indian bank interest, dividends, and capital gains all need to show up on the Australian return too.

The Australian Taxation Office treats foreign income the way most developed-country tax authorities do: it wants it declared in Australian dollars, converted using an appropriate exchange rate, for the relevant Australian income year. NRE and NRO fixed deposit interest, mutual fund distributions, and gains from selling Indian property or shares all fall under this. The India-Australia Double Taxation Avoidance Agreement generally allows a credit for tax already paid in India, but claiming it correctly requires matching Indian TDS certificates and capital gains computations to the Australian financial year, which rarely lines up neatly with India’s April-to-March year.

Capital gains on Indian property deserve particular attention. India applies its own capital gains tax and TDS rules on property sales by non-residents, and Australia will separately want the gain reported and taxed at Australian rates, with foreign tax credit relief for what was already paid in India. Getting the cost base, holding period, and currency conversion right on both sides takes some care, and errors tend to surface only when the ATO cross-checks foreign income data years later.

The organisational work is mostly about timing and documentation: Indian tax certificates, Form 26AS, capital gains statements, and TDS proofs need to be readily available, and ideally translated into a format an Australian accountant can actually use.

Ashutosh Financial Services works with NRI families across Australia who find that reconciling two financial years and two currencies is the hardest part of this exercise, not the tax rates themselves. Ashutosh Financial Services continues to hold educational sessions on Indian-Australian cross-border tax matters for NRIs looking to stay compliant on both sides.