Residential Status

Partner: Udemy
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Description: Introduction of Residential StatusResidential Status Contents : 1. How to be an Indian citizen:  By birth Or By Agreement 2. Income shall be taxed or not depends upon the residential status 3. Residential status is determined separately for each previous year 4. Citizenship and residential status of a country are two separate conceptTypes of Person : Like Individual, Hindu Undivided Family, Company, Firm etcResidential status of an Individual Section 6(1)1) Basic Conditions :(i) If the individual stayed in India for a period of 182 days or more during relevant previous year. (ii) If he stayed in India for a period of 60 days or more during relevant previous year and 365 days or more during 4 years immediately preceding the previous year.2) Additional Condition Section 6(6) : (i) He has been resident in India in at least two years out of 10 previous years immediately preceding the relevant Previous Year. (ii) He has been in India for 730 days or more during 7 years immediately preceding the relevant Previous Year.Types of Resident : 1. Ordinarily Resident : If he satisfies one of the basic condition and both the additional condition.2. Not Ordinarily Resident : If he satisfies one of the basic conditions but not both the additional condition.3. Non Resident : If any one of the basic condition are not satisfies.Residential status of HUF(1) Resident in India :- If control and management of the affairs is wholly or partly situated in India during relevant previous year. (a) Resident and ordinarily resident in India:- If “Karta” of H.U.F. satisfies both the “Additional Condition” during relevant previous year. (b) Resident but not ordinarily resident in India:- If “Karta” of H.U.F. does not satisfy both the “Additional Condition” during relevant previous year.<p
Category: Finance & Accounting > Taxes > Tax Preparation
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Price: 19.99
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Source: Impact
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