03 residential status.pdf - These notes are incomplete without our videos Study from these notes at your own risk We keep on updating our books notes

03 residential status.pdf - These notes are incomplete...

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These notes are incomplete without our videos. Study from these notes at your own risk. We keep on updating our books, notes and videos. You should always study from updated notes with our videos. Many concepts are there which are missing in these notes, some are obsolete. We have discussed everything in our video classes. Amendments and updates will taught in classes and videos. Extra notes and charts will also be given. Residence and Scope of Total Income ͩकसकȧ कौन सी इंकम पर टैÈस लगेगा depends upon Residential status of the person First of all we will learn about residential status of an individual Residential status for Individual To get the best out of these notes visit Residential Status | 1 Join Us on YouTube Join Us on Telegram
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These notes are incomplete without our videos. Study from these notes at your own risk. We keep on updating our books, notes and videos. You should always study from updated notes with our videos. Many concepts are there which are missing in these notes, some are obsolete. We have discussed everything in our video classes. Amendments and updates will taught in classes and videos. Extra notes and charts will also be given. Resident in India An individual is resident in India if he satisfies any one of the basic conditions. Basic conditions:- Individual is in India For 182 days or more during the previous year or For 60 days or more during the previous year and for 365 days or more during or more during 4 years immediately preceding the relevant previous year. If any individual do not comply with any of the basic conditions mentioned above, he will be considered to be non-resident EXCEPTION TO 2nd BASIC CONDITION But only condition no(i) is applicable in the following two cases If Indian citizen or person of Indian origin visits India during the P/Y. When the Indian citizen leaves India during the previous year for employment outside India or as a member of crew (staff) of an Indian ship. Person of Indian origin is a person who himself or any of his parent or any of his grand-parents (both material and paternal) was born in undivided India before 15th August 1947. Indian citizen means any individual who has obtained Indian citizenship. Employment also includes self-employment (own business or profession). Notes (Very Important) Residential status is determined for every year separately. There is no condition that individual should stay regularly or at one place in India. The term “stay in India” includes stay in the territorial waters of India (i.e. 12 nautical miles into the sea from the Indian coastline). Even the stay in a ship or boat moored in the territorial waters of India would be sufficient to make the individual resident in India Period of 24 hours is taken to be one day.
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