@kuldeep_23123 First Namaste. The answers to your questions are shown in Italic
1) Do i need to do tax filing as dual status alien or resident alien for year 2023 (when i file my taxes in 2024)? Is there a choice?
Generally this will be best , if I am assume that you will working / earning for the period July 2023 till end of year and you do not see an advantage in having both US and your " country of new employment / earning ( India ? )
2) If i can file as resident alien, would i report all earnings until Dec 2023 or until July 2023? And would i be able to get standard deduction, child credits etc for year 2023?
If there is a tax benefit to you , you can choose to file as Resident Alien -- essentially ignoring the dual status --- because you have been a "Resident for Tax Purposes " for a long time, special rules are applicable to you . But this does mean that you are taxed on your world income for the entire year of 2023 , irrespective of the source of income. Thus for the period July through the end of the year "foreign" income would be taxed by the USA. Also note here that while foreign tax credit will still work for you , foreign earned income exclusion may NOT ( because you will not meet the physical presence test ) and foreign tax credit allowed for the tax year is always less than actual foreign taxes paid .
3) For FBAR and form 8938, would i include information as of July 2023 or Dec 2023 (as there might be additional financial accounts in new country after i move there)?
Generally these are for the whole calendar year / tax year and since there is no tax implication , you should file for the whole year, even with the new "foreign " accounts.
4) Do i need to file residency termination statement with IRS? is that required or optional? when should i file it, at the time of leaving the country or when i file taxes in 2024?
Once your Visa expires or you leave the country for good, you need to file INS paperwork ( but if you prefer to file as a resident, then you perhaps want to delay that filing till 12/31/2023 )
Hope this helps . Is there more I can do for you
Namaste ji
pk
