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Residential Status
 

Residential Status

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by ranjeet kunwar

by ranjeet kunwar

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    Residential Status Residential Status Presentation Transcript

    • Scope of Income and Tax Implication
      Types of Income
      R & OR
      R & NOR
      NR
      Income received in India
      2. Income earned in India
      3. Income from business or profession situated outside India but controlled from India
      4. Other Incomes
    • Residential Status of
      Person under
      Income Tax Act

    • It refers to a natural human being whether male or female, minor or major
      Individual
      It is a relationship created due to operation of Hindu Law. The manager of HUF is called "Karta" and its members are called 'Coparceners'

      H.U.F
      PERSON
      It is an artificial person registered under Indian Companies Act, 1956 or any other law

      Company
      FIRM:- It is an entity which comes into existence as a result of partnership agreement. Firm can be registered or unregistered.
      When persons combine together to carry on a joint enterprise and they do not constitute partnership under the territory of law, they are assessable, as an AOPs or BOIs.

      Firms, AOPs, BOIs

      Others
      Municipality, Panchayat, Cantonment Board. etc. is called local authorities. , Statutory Corporations like National Insurance a University etc. are called artificial juridical persons.
    • Ordinary Resident
      Resident
      Individual
      Not Ordinary Resident
      Non - Resident
      Ordinary Resident
      Resident
      H.U.F
      Not Ordinary Resident
      Non - Resident
      Resident
      PERSON
      Company
      Non - Resident
      Resident
      Firms, AOPs, BOIs
      Non - Resident
      Resident
      Others
      Non - Resident