New Delhi, May 21 -- Picture this, you're a non-resident Indian (NRI), who's decided to return to India for good. Here's the good news, before you transition into a full-fledged resident for tax purposes, there exists a golden window that can help you save significantly on taxes.

It's called the RNOR status- resident but not ordinarily resident. During this phase, your foreign income isn't taxed in India, explained Ankur Choudhary, co-founder & CEO, Belong - NRI Savings & Investments.

Mint breaks down what RNOR means, how to claim it, and the smartest ways to manage your money during this tax-friendly phase.

Also read: Will my foreign salary be taxable in India?

RNOR is an intermediate tax status under India's income-tax, designed for...