I am moving to Australia in March. I have bank deposits and mutual funds but will not be using this income. How much of this will be tax exempt? How should I pay the income tax? Can I do it on my own?
Based on the facts of your case, under the income-tax laws, you will qualify as a non-resident of India. So, you will be taxable only on India-sourced income—income earned in India and income received in India. Income earned outside India and received outside India will not be taxable in India.
For your bank deposits, you will need to get the existing accounts designated as Non-resident Ordinary (NRO) accounts. Interest from NRO accounts will continue to be taxable in India.