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Scope of Income and Tax Implication<br />Types of Income<br />R & OR<br />R & NOR<br />NR<br />Income received  in India<b...
Residential Status of <br />Person under <br />Income Tax Act<br />
<br />It refers to a natural human being whether male or female, minor or major<br />Individual<br />It is a relationship...
Ordinary Resident<br />Resident<br />Individual<br />Not Ordinary Resident<br />Non - Resident<br />Ordinary Resident<br /...
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Residential Status

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by ranjeet kunwar

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Residential Status

  1. 1. Scope of Income and Tax Implication<br />Types of Income<br />R & OR<br />R & NOR<br />NR<br />Income received in India<br />2. Income earned in India<br />3. Income from business or profession situated outside India but controlled from India<br />4. Other Incomes<br />
  2. 2. Residential Status of <br />Person under <br />Income Tax Act<br />
  3. 3. <br />It refers to a natural human being whether male or female, minor or major<br />Individual<br />It is a relationship created due to operation of Hindu Law. The manager of HUF is called &quot;Karta&quot; and its members are called &apos;Coparceners&apos;<br /><br />H.U.F<br />PERSON<br />It is an artificial person registered under Indian Companies Act, 1956 or any other law<br /><br />Company<br />FIRM:- It is an entity which comes into existence as a result of partnership agreement. Firm can be registered or unregistered.<br />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.<br /><br />Firms, AOPs, BOIs<br /><br />Others<br />Municipality, Panchayat, Cantonment Board. etc. is called local authorities. , Statutory Corporations like National Insurance a University etc. are called artificial juridical persons.<br />
  4. 4. Ordinary Resident<br />Resident<br />Individual<br />Not Ordinary Resident<br />Non - Resident<br />Ordinary Resident<br />Resident<br />H.U.F<br />Not Ordinary Resident<br />Non - Resident<br />Resident<br />PERSON<br />Company<br />Non - Resident<br />Resident<br />Firms, AOPs, BOIs<br />Non - Resident<br />Resident<br />Others<br />Non - Resident<br />

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