Residential status
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The document discusses residential status and tax incidence in India. It defines the different types of residential statuses - ordinary residential, non-ordinary residential, and non-residential. An individual's residential status depends on the number of days spent in India in the last year and last 4 years. A Hindu undivided family is resident if control and management is in India and non-resident if outside India. Firms and companies are resident if control and management is in India. Tax incidence depends on an entity's residential status rather than citizenship.
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RESIDENTIAL STATUS AND INCOME TAX
The document discusses the residential status of individuals, HUFs, firms, AOPs, and companies in India for income tax purposes. It defines the categories of resident and ordinarily resident, resident but not ordinarily resident, and non-resident. An individual is resident if they meet basic presence tests for days in India, and ordinarily resident if they also meet additional tests. HUFs, firms, and AOPs are resident based on control and management in India. A company is resident if incorporated in India or its PoEM is in India. Total income taxed depends on residential status and includes income received, accrued or arising in India or from an India-based business or profession.
residential status and its effect on tax incidence
The document discusses the determination of residential status in India for income tax purposes. It defines the different types of residential statuses as ordinary resident, resident but not ordinarily resident, and non-resident. It outlines the basic conditions and additional conditions to determine if an individual, HUF, firm, company, etc. qualifies as a ordinary resident or resident but not ordinarily resident. The control and management of affairs is used to determine residential status for HUF, firm, association of persons, and companies. Income from different sources is taxable in India based on the residential status of the assessee.
Residential status
The document discusses the residential status of individuals, HUFs, firms, AOPs, companies and other persons under the Income Tax Act.
It defines residents as persons satisfying the basic conditions of being in India for 182 days or more in a year or 60 days and 182 days in the last 4 years. Ordinarily residents satisfy additional conditions of being in India for 730 days in the last 7 years and in at least 2 of the last 10 years.
The residential status of HUFs, firms, AOPs and other persons depends on where the control and management of their affairs is situated. Companies are residents based on where their control and management is situated.
The incidence of tax depends
03 residential status 17 18 ay
- Residential status determines an individual's tax liability in India and depends on the number of days spent in India in the relevant fiscal year and previous years.
- For individuals, residential status can be ordinarily resident, not ordinarily resident, or non-resident depending on whether basic conditions regarding number of days in India are met as well as additional conditions for ordinarily resident status.
- For Hindu Undivided Families (HUFs), residential status depends on whether control and management of the HUF is wholly or partly located in India. Ordinarily resident status for HUFs also considers conditions for the karta or manager.
- Other entities like firms, companies, and other persons are considered
Residential status
This document discusses the determination of residential status of assessees in India for tax purposes. It defines resident and non-resident individuals and the rules used to determine their status. An individual is a resident if they were in India for 182 days or more in the previous year, or were in India for at least 365 days in the last 4 years and 60 days in the previous year. To be ordinarily resident, they must also meet additional criteria of being resident in 2 of the last 10 years and being in India for at least 730 days in the last 7 years. Anyone who does not meet the basic or additional criteria is considered a non-resident.
Residential status and Incidence of tax
This document discusses the residential status and tax incidence of individuals, HUFs, firms, and other entities in India.
It begins by explaining the basic conditions for an individual to be considered a resident or non-resident in India based on the number of days spent in India. It further classifies residents as ordinarily resident or not ordinarily resident based on additional criteria. Similar classifications and conditions are described for HUFs and other entities.
Several examples are provided to illustrate how to determine an individual's residential status for tax purposes based on their fact pattern. Key factors like citizenship, location of birth or domicile, purpose and continuity of stay are discussed.
In conclusion, the document outlines the process
Lecture 2 resident status
An individual's residential status determines their tax liability in India. There are three residential statuses: resident and ordinary resident, resident but not ordinary resident, and non-resident. An individual's residential status depends on the number of days they spent in India in the last year and last few years. Additionally, an individual must meet further criteria to be considered an ordinary resident. The residential status principles are also applied to HUFs, firms, companies, and other entities to determine their tax obligations. An individual or entity's residential status then dictates whether their global income is subject to tax in India.
Incidence of Tax
(1) Understanding Residential Status
(2) Indian Income
(3) Foreign Income
(4) Individual and HUF
(5) Other Taxpayers
(6) Few Examples
Recommended
RESIDENTIAL STATUS AND INCOME TAX
The document discusses the residential status of individuals, HUFs, firms, AOPs, and companies in India for income tax purposes. It defines the categories of resident and ordinarily resident, resident but not ordinarily resident, and non-resident. An individual is resident if they meet basic presence tests for days in India, and ordinarily resident if they also meet additional tests. HUFs, firms, and AOPs are resident based on control and management in India. A company is resident if incorporated in India or its PoEM is in India. Total income taxed depends on residential status and includes income received, accrued or arising in India or from an India-based business or profession.
residential status and its effect on tax incidence
The document discusses the determination of residential status in India for income tax purposes. It defines the different types of residential statuses as ordinary resident, resident but not ordinarily resident, and non-resident. It outlines the basic conditions and additional conditions to determine if an individual, HUF, firm, company, etc. qualifies as a ordinary resident or resident but not ordinarily resident. The control and management of affairs is used to determine residential status for HUF, firm, association of persons, and companies. Income from different sources is taxable in India based on the residential status of the assessee.
Residential status
The document discusses the residential status of individuals, HUFs, firms, AOPs, companies and other persons under the Income Tax Act.
It defines residents as persons satisfying the basic conditions of being in India for 182 days or more in a year or 60 days and 182 days in the last 4 years. Ordinarily residents satisfy additional conditions of being in India for 730 days in the last 7 years and in at least 2 of the last 10 years.
The residential status of HUFs, firms, AOPs and other persons depends on where the control and management of their affairs is situated. Companies are residents based on where their control and management is situated.
The incidence of tax depends
03 residential status 17 18 ay
- Residential status determines an individual's tax liability in India and depends on the number of days spent in India in the relevant fiscal year and previous years.
- For individuals, residential status can be ordinarily resident, not ordinarily resident, or non-resident depending on whether basic conditions regarding number of days in India are met as well as additional conditions for ordinarily resident status.
- For Hindu Undivided Families (HUFs), residential status depends on whether control and management of the HUF is wholly or partly located in India. Ordinarily resident status for HUFs also considers conditions for the karta or manager.
- Other entities like firms, companies, and other persons are considered
Residential status
This document discusses the determination of residential status of assessees in India for tax purposes. It defines resident and non-resident individuals and the rules used to determine their status. An individual is a resident if they were in India for 182 days or more in the previous year, or were in India for at least 365 days in the last 4 years and 60 days in the previous year. To be ordinarily resident, they must also meet additional criteria of being resident in 2 of the last 10 years and being in India for at least 730 days in the last 7 years. Anyone who does not meet the basic or additional criteria is considered a non-resident.
Residential status and Incidence of tax
This document discusses the residential status and tax incidence of individuals, HUFs, firms, and other entities in India.
It begins by explaining the basic conditions for an individual to be considered a resident or non-resident in India based on the number of days spent in India. It further classifies residents as ordinarily resident or not ordinarily resident based on additional criteria. Similar classifications and conditions are described for HUFs and other entities.
Several examples are provided to illustrate how to determine an individual's residential status for tax purposes based on their fact pattern. Key factors like citizenship, location of birth or domicile, purpose and continuity of stay are discussed.
In conclusion, the document outlines the process
Lecture 2 resident status
An individual's residential status determines their tax liability in India. There are three residential statuses: resident and ordinary resident, resident but not ordinary resident, and non-resident. An individual's residential status depends on the number of days they spent in India in the last year and last few years. Additionally, an individual must meet further criteria to be considered an ordinary resident. The residential status principles are also applied to HUFs, firms, companies, and other entities to determine their tax obligations. An individual or entity's residential status then dictates whether their global income is subject to tax in India.
Incidence of Tax
(1) Understanding Residential Status
(2) Indian Income
(3) Foreign Income
(4) Individual and HUF
(5) Other Taxpayers
(6) Few Examples
Megha Tomar
The document discusses the residential status of individuals and entities under Indian tax law. It defines ordinarily resident, not ordinarily resident, and non-resident status based on the number of days spent in India and the location of control and management. It also outlines the different types of tax liabilities that apply to income based on residential status, such as income earned and received in India, earned in India but received abroad, and earned abroad but received in India.
Residence and scope of total income
The document discusses residential status and the scope of total income under the Indian Income Tax Act. It defines the three categories of residential status as resident but not ordinarily resident, resident and ordinarily resident, and non-resident. An individual's residential status is determined based on the number of days spent in India in the relevant financial year and previous years. If the conditions of 182 days in a year or 60 days in the current year plus 365 days in the last 4 years are met, the individual is considered a resident. Exceptions to this rule are provided for citizens working abroad or visiting India. The document further explains how to classify a resident as ordinarily resident or non-ordinarily resident and the tax treatment based on residential status.
Residential status
The document discusses the residential status and tax liability of individuals and entities in India. It defines the basic conditions to determine if a person is a resident, ordinary resident, or non-resident based on the number of days spent in India. An ordinary resident's total income and tax liability is the highest, including both Indian and foreign income. A non-resident's total income and tax liability is based only on Indian income. The residential status of entities like HUF, companies, firms, and AOP is also determined based on the control and management of their affairs being within or outside of India.
Residential status ss
The document discusses residential status under the Indian Income Tax Act. There are three types of residential statuses: resident, not ordinarily resident, and non-resident. An individual's residential status depends on the number of days spent in India in the relevant year and previous years. A company incorporated in India is always a resident. For HUFs and firms, residential status is based on where control and management is exercised. Residential status determines whether foreign income is taxable in India.
Lecture 2 resident status
This document discusses residential status for tax purposes in India. It defines resident and non-resident status for individuals, HUFs, firms, companies and other persons. For individuals, residential status can be resident and ordinarily resident, resident but not ordinarily resident, or non-resident. The criteria for each status is explained, such as being in India for a certain number of days. The tax treatment of income differs based on residential status, such as residents paying tax on worldwide income and non-residents paying tax on India-source income. Specific types of income that are considered to accrue or arise in India are also outlined.
Presentation on Residence and tax liability, ppt on Residence and tax liability
Presentation on Residence and tax liability, ppt on Residence and tax liability, Residence and tax liability, Different Residential status, types of Resident, Residential status: Sec. 6 (1), Basic Conditions to determine residential status, Additional conditions [Sec. 6(6)(a)] to determine residential status, Conditions to be satisfied to be a resident, Residential Status in a nutshell.
Residential Status of an Individual in India
This document provides an overview of residential status for individuals under the Income Tax Act of 1961 in India. It notes that residential status depends on the number of days spent in India between April 1 and March 31 of the tax year. There are four categories of residential status: non-resident, resident, ordinarily resident (ROR), and not ordinarily resident (NOR). To determine status, there are two tests - Test A involves being present in India for at least 182 days or 60 days plus 365 days in the last 4 years, while Test B for ordinary residence requires being a resident in 2 of the last 10 years and being present in India for at least 730 days in the last 7 years.
Residential status of an individual
Total income of an assessee cannot be computed unless the person’s residential status in India during the previous year is known.
Here you get the answer for determining the residential status of an individual
Determination of tax incidence and residential status.
This document discusses the determination of residential status for Indian income tax purposes. There are three categories of residential status: resident, resident but not ordinarily resident (RNOR), and non-resident. A person is a resident if they stay in India for 182 days or more in a year or 365 days in the last 4 years and 60 days in the current year. A resident is further classified as ordinarily resident if they are resident for 9 of the last 10 years and stay in India for 730 days in the last 7 years. A person who does not meet the criteria for resident or ordinarily resident is non-resident. Residents pay tax on global income while non-residents and RNORs pay tax only on
Scope of total income and residential status
Objectives & Agenda :
To know when income will be taxable in India and to understand the determination of residential status for individuals, HUF, Firms, AOP/BOI and Companies. To analyse the concept of POEM in relation to determination of residential status of Company.
Residential status
- The residential status of an individual or entity determines whether income earned inside or outside India is taxable in India.
- There are different residential statuses for individuals/HUFs and other entities like firms. For individuals, the statuses are resident and ordinarily resident, resident but not ordinarily resident, and non-resident.
- Determining the residential status involves assessing whether basic or additional conditions are met based on the number of days spent in India in the relevant period. Meeting these conditions establishes whether one is a resident and ordinarily resident, or resident but not ordinarily resident.
Concept of residence under income tax act (with the concept of dtaa and poem)
The concept of Residence under Income tax is a very critical issue as incidence of tax differs on the basis of Residential nature of the assessee.Further the concept of POEM and DTAA is very relevant issues which are to be read with it.
Types of Assessees and Residential Status
This document summarizes key concepts related to assessees and residential status under Indian income tax law. It defines an assessee as the person who pays tax to the government and describes the different types of assessees, including ordinary, representative/deemed, and assessee in default. It also outlines the criteria for determining residential status, such as an individual being considered a resident if they are in India for at least 182 days or at least 60 days plus 365 days in the last 4 years. Finally, it provides an example problem of determining residential status for an individual who left India on October 1st and returned on March 10th of the following year.
Residential status
The document discusses the residential status of various persons under the Income Tax Act, including individuals, HUFs, companies, firms, AOPs and other entities. It explains the basic and additional conditions to determine whether a person is a resident, ordinarily resident or non-resident. It also summarizes the tax incidence on different types of incomes based on the residential status and source of income. Key points include that an individual is considered resident if present in India for 182 days or more, or 60 days and 182 days in last 4 years. For HUFs and firms, control and management needs to be wholly/partly in India. Companies are resident if incorporated in India or controlled from India.
Residential status
This document discusses residential status under Indian income tax law. It explains that an individual's tax liability depends on their residential status, which can be resident, non-resident, or ordinarily resident. It also discusses how residential status is determined for individuals, HUFs, firms, companies and other persons. Key factors include number of days present in India and control and management of affairs. The document provides examples to illustrate how residential status is assessed and its implications for taxing different types of income received in or outside of India.
Lecture notes on scope of total income and residental status under income ta...
Lecture notes on scope of total income and residental status under income ta...Dr. Sanjay Sawant Dessai
Lecture notes prepared for the students of Income tax , based on Income tax Act of India 1961. topic covered are Residential status and scope of total income of assessee.Income tax
The document discusses residential status and tax liability in India. It defines resident, ordinarily resident, and non-resident status and the conditions to determine each status. An individual's residential status depends on the number of days spent in India in the relevant assessment year and previous years. It must be determined separately for each assessment year as it may vary year to year.
Residential status
Chris Gayle comes to India for 100 days each year. To determine his residential status for AY 2013-14, his stay in the previous year 2012-13 is considered. He satisfies the second condition under section 6(1) of being in India for 60 days in the previous year and 365 days in the last 4 years, making him a resident. However, his total stay in India in the last 7 years is 700 days, which is less than the 730 days required to be considered a resident ordinarily. Therefore, his residential status is resident but not ordinarily resident.
Residential status notes
This document discusses residential status under Indian income tax law. It defines residential status and explains why it is important for determining tax liability. There are different residential statuses for individuals, HUFs, firms, companies and other persons. For individuals, residential status depends on the number of days spent in India. Ordinary residents meet additional criteria of being resident in at least two of the last ten years and being present in India for at least 730 days in the last seven years. Residential status must be determined separately for each tax year and can vary between years. Control and management determines residential status for firms, companies and other persons. The document provides examples to illustrate how residential status is assessed.
Lesson 2 residential status
This document provides an overview of residential status and tax incidence in India. It discusses the residential status of individuals, Hindu Undivided Families, firms, associations of persons, companies, and other persons. For individuals and HUFs, it describes the categories of resident and ordinarily resident, resident but not ordinarily resident, and non-resident. It also discusses how residential status determines whether income earned in India or abroad is taxable in India. The document aims to help readers understand the concept of residential status and how it relates to the incidence of tax for different taxpayers in India.
Residential status-ppt1 (2)
This document discusses residential status and tax liability in India. It defines the different categories of residential status as resident and ordinarily resident, resident but not ordinarily resident, and non-resident. An individual's residential status depends on the number of days spent in India in the relevant tax year and previous years. Similarly, the residential status of HUFs, firms, companies and other entities depends on where control and management of their affairs takes place. Finally, it outlines the different types of income that are taxable in India for each residential status.
DEFNTONS of taxation law with explanation
The document defines key terms related to residential status and taxation under the Indian Income Tax Act:
1) The previous year refers to the financial year prior to the assessment year, which is the year immediately following the previous year. The previous year may consist of 12 months or less.
2) An assessee is a person who is liable to pay tax under the Income Tax Act and includes individuals, HUFs, companies, firms, AOPs, and more.
3) Residential status depends on the number of days spent in India by an individual or where the control and management of an entity is located. Various provisions determine whether a person or entity is resident, resident but not ordinarily resident
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Megha Tomar
The document discusses the residential status of individuals and entities under Indian tax law. It defines ordinarily resident, not ordinarily resident, and non-resident status based on the number of days spent in India and the location of control and management. It also outlines the different types of tax liabilities that apply to income based on residential status, such as income earned and received in India, earned in India but received abroad, and earned abroad but received in India.
Residence and scope of total income
The document discusses residential status and the scope of total income under the Indian Income Tax Act. It defines the three categories of residential status as resident but not ordinarily resident, resident and ordinarily resident, and non-resident. An individual's residential status is determined based on the number of days spent in India in the relevant financial year and previous years. If the conditions of 182 days in a year or 60 days in the current year plus 365 days in the last 4 years are met, the individual is considered a resident. Exceptions to this rule are provided for citizens working abroad or visiting India. The document further explains how to classify a resident as ordinarily resident or non-ordinarily resident and the tax treatment based on residential status.
Residential status
The document discusses the residential status and tax liability of individuals and entities in India. It defines the basic conditions to determine if a person is a resident, ordinary resident, or non-resident based on the number of days spent in India. An ordinary resident's total income and tax liability is the highest, including both Indian and foreign income. A non-resident's total income and tax liability is based only on Indian income. The residential status of entities like HUF, companies, firms, and AOP is also determined based on the control and management of their affairs being within or outside of India.
Residential status ss
The document discusses residential status under the Indian Income Tax Act. There are three types of residential statuses: resident, not ordinarily resident, and non-resident. An individual's residential status depends on the number of days spent in India in the relevant year and previous years. A company incorporated in India is always a resident. For HUFs and firms, residential status is based on where control and management is exercised. Residential status determines whether foreign income is taxable in India.
Lecture 2 resident status
This document discusses residential status for tax purposes in India. It defines resident and non-resident status for individuals, HUFs, firms, companies and other persons. For individuals, residential status can be resident and ordinarily resident, resident but not ordinarily resident, or non-resident. The criteria for each status is explained, such as being in India for a certain number of days. The tax treatment of income differs based on residential status, such as residents paying tax on worldwide income and non-residents paying tax on India-source income. Specific types of income that are considered to accrue or arise in India are also outlined.
Presentation on Residence and tax liability, ppt on Residence and tax liability
Presentation on Residence and tax liability, ppt on Residence and tax liability, Residence and tax liability, Different Residential status, types of Resident, Residential status: Sec. 6 (1), Basic Conditions to determine residential status, Additional conditions [Sec. 6(6)(a)] to determine residential status, Conditions to be satisfied to be a resident, Residential Status in a nutshell.
Residential Status of an Individual in India
This document provides an overview of residential status for individuals under the Income Tax Act of 1961 in India. It notes that residential status depends on the number of days spent in India between April 1 and March 31 of the tax year. There are four categories of residential status: non-resident, resident, ordinarily resident (ROR), and not ordinarily resident (NOR). To determine status, there are two tests - Test A involves being present in India for at least 182 days or 60 days plus 365 days in the last 4 years, while Test B for ordinary residence requires being a resident in 2 of the last 10 years and being present in India for at least 730 days in the last 7 years.
Residential status of an individual
Total income of an assessee cannot be computed unless the person’s residential status in India during the previous year is known.
Here you get the answer for determining the residential status of an individual
Determination of tax incidence and residential status.
This document discusses the determination of residential status for Indian income tax purposes. There are three categories of residential status: resident, resident but not ordinarily resident (RNOR), and non-resident. A person is a resident if they stay in India for 182 days or more in a year or 365 days in the last 4 years and 60 days in the current year. A resident is further classified as ordinarily resident if they are resident for 9 of the last 10 years and stay in India for 730 days in the last 7 years. A person who does not meet the criteria for resident or ordinarily resident is non-resident. Residents pay tax on global income while non-residents and RNORs pay tax only on
Scope of total income and residential status
Objectives & Agenda :
To know when income will be taxable in India and to understand the determination of residential status for individuals, HUF, Firms, AOP/BOI and Companies. To analyse the concept of POEM in relation to determination of residential status of Company.
Residential status
- The residential status of an individual or entity determines whether income earned inside or outside India is taxable in India.
- There are different residential statuses for individuals/HUFs and other entities like firms. For individuals, the statuses are resident and ordinarily resident, resident but not ordinarily resident, and non-resident.
- Determining the residential status involves assessing whether basic or additional conditions are met based on the number of days spent in India in the relevant period. Meeting these conditions establishes whether one is a resident and ordinarily resident, or resident but not ordinarily resident.
Concept of residence under income tax act (with the concept of dtaa and poem)
The concept of Residence under Income tax is a very critical issue as incidence of tax differs on the basis of Residential nature of the assessee.Further the concept of POEM and DTAA is very relevant issues which are to be read with it.
Types of Assessees and Residential Status
This document summarizes key concepts related to assessees and residential status under Indian income tax law. It defines an assessee as the person who pays tax to the government and describes the different types of assessees, including ordinary, representative/deemed, and assessee in default. It also outlines the criteria for determining residential status, such as an individual being considered a resident if they are in India for at least 182 days or at least 60 days plus 365 days in the last 4 years. Finally, it provides an example problem of determining residential status for an individual who left India on October 1st and returned on March 10th of the following year.
Residential status
The document discusses the residential status of various persons under the Income Tax Act, including individuals, HUFs, companies, firms, AOPs and other entities. It explains the basic and additional conditions to determine whether a person is a resident, ordinarily resident or non-resident. It also summarizes the tax incidence on different types of incomes based on the residential status and source of income. Key points include that an individual is considered resident if present in India for 182 days or more, or 60 days and 182 days in last 4 years. For HUFs and firms, control and management needs to be wholly/partly in India. Companies are resident if incorporated in India or controlled from India.
Residential status
This document discusses residential status under Indian income tax law. It explains that an individual's tax liability depends on their residential status, which can be resident, non-resident, or ordinarily resident. It also discusses how residential status is determined for individuals, HUFs, firms, companies and other persons. Key factors include number of days present in India and control and management of affairs. The document provides examples to illustrate how residential status is assessed and its implications for taxing different types of income received in or outside of India.
Lecture notes on scope of total income and residental status under income ta...
Lecture notes on scope of total income and residental status under income ta...Dr. Sanjay Sawant Dessai
Lecture notes prepared for the students of Income tax , based on Income tax Act of India 1961. topic covered are Residential status and scope of total income of assessee.Income tax
The document discusses residential status and tax liability in India. It defines resident, ordinarily resident, and non-resident status and the conditions to determine each status. An individual's residential status depends on the number of days spent in India in the relevant assessment year and previous years. It must be determined separately for each assessment year as it may vary year to year.
Residential status
Chris Gayle comes to India for 100 days each year. To determine his residential status for AY 2013-14, his stay in the previous year 2012-13 is considered. He satisfies the second condition under section 6(1) of being in India for 60 days in the previous year and 365 days in the last 4 years, making him a resident. However, his total stay in India in the last 7 years is 700 days, which is less than the 730 days required to be considered a resident ordinarily. Therefore, his residential status is resident but not ordinarily resident.
Residential status notes
This document discusses residential status under Indian income tax law. It defines residential status and explains why it is important for determining tax liability. There are different residential statuses for individuals, HUFs, firms, companies and other persons. For individuals, residential status depends on the number of days spent in India. Ordinary residents meet additional criteria of being resident in at least two of the last ten years and being present in India for at least 730 days in the last seven years. Residential status must be determined separately for each tax year and can vary between years. Control and management determines residential status for firms, companies and other persons. The document provides examples to illustrate how residential status is assessed.
Lesson 2 residential status
This document provides an overview of residential status and tax incidence in India. It discusses the residential status of individuals, Hindu Undivided Families, firms, associations of persons, companies, and other persons. For individuals and HUFs, it describes the categories of resident and ordinarily resident, resident but not ordinarily resident, and non-resident. It also discusses how residential status determines whether income earned in India or abroad is taxable in India. The document aims to help readers understand the concept of residential status and how it relates to the incidence of tax for different taxpayers in India.
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Presentation on Residence and tax liability, ppt on Residence and tax liability
Presentation on Residence and tax liability, ppt on Residence and tax liability
Determination of tax incidence and residential status.
Determination of tax incidence and residential status.
Concept of residence under income tax act (with the concept of dtaa and poem)
Concept of residence under income tax act (with the concept of dtaa and poem)
Lecture notes on scope of total income and residental status under income ta...
Lecture notes on scope of total income and residental status under income ta...
Similar to Residential status
Residential status-ppt1 (2)
This document discusses residential status and tax liability in India. It defines the different categories of residential status as resident and ordinarily resident, resident but not ordinarily resident, and non-resident. An individual's residential status depends on the number of days spent in India in the relevant tax year and previous years. Similarly, the residential status of HUFs, firms, companies and other entities depends on where control and management of their affairs takes place. Finally, it outlines the different types of income that are taxable in India for each residential status.
DEFNTONS of taxation law with explanation
The document defines key terms related to residential status and taxation under the Indian Income Tax Act:
1) The previous year refers to the financial year prior to the assessment year, which is the year immediately following the previous year. The previous year may consist of 12 months or less.
2) An assessee is a person who is liable to pay tax under the Income Tax Act and includes individuals, HUFs, companies, firms, AOPs, and more.
3) Residential status depends on the number of days spent in India by an individual or where the control and management of an entity is located. Various provisions determine whether a person or entity is resident, resident but not ordinarily resident
Residential Status and Tax liabilities -Incidence of Tax
Dear Pupil:
This presentation includes the Residential Status and Tax liabilities -Incidence of Tax.
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This document outlines the residential status classifications under Section 6 of the Indian Income Tax Act of 1961. It discusses the classifications for individuals, Hindu Undivided Families, firms, companies, and other persons. Residential status is determined based on an assessee fulfilling basic conditions or additional conditions, and can be resident, resident but not ordinarily resident, or non-resident. The residential status of a company is also dependent on where its management and control is located.
residential status of a company.pptx
This document discusses the residential status for tax purposes of individuals, Hindu Undivided Families (HUFs), firms, and companies in India. It states that residential status depends on the number of days an individual has stayed in India or where the control and management of a firm/HUF/company is situated. For individuals, staying 182 days or more makes one a resident. A firm or HUF is resident if control/management is wholly or partly in India. A company is resident if incorporated in India or its place of effective management is in India for the relevant tax year.
Residential status of NRI & Scope
The document discusses residential status under Indian income tax law and foreign exchange regulations. It defines resident, non-resident, and ordinarily resident status and the tests to determine each. It also outlines the scope of income that is taxable in India for residents and non-residents based on their residential status. Finally, it provides background on the author and her experience in foreign exchange, taxation, and international transactions matters.
Residential status of HUF
This document discusses the residential status of Hindu Undivided Families (HUFs) under Indian tax law. It defines the three possible residential statuses of an HUF as:
1) Ordinary resident: Control and management of HUF affairs situated wholly or partially in India, and karta fulfills the additional conditions of residence in India.
2) Not ordinarily resident: Control and management situated wholly or partially in India, but karta does not fulfill the additional residence conditions.
3) Non-resident: Control and management of HUF affairs situated wholly outside of India. The residential status of the karta and co-parceners is not considered - only the location of control and management determines
Residential status
The document discusses the rules for determining the residential status of different entities under the Indian Income Tax Act:
- A Hindu Undivided Family (HUF) is resident if control and management is wholly or partly in India. It is non-resident if control is wholly outside India.
- An Association of Persons (AOP) is resident if control is wholly or partly in India, and non-resident if control is wholly outside India.
- A company is always resident if it is an Indian company. A foreign company is resident only if control is wholly in India, and non-resident if control is partly or wholly outside India.
Residential status
The document discusses the residential status rules for individuals, HUFs, firms, AOPs, and companies in India for income tax purposes. For individuals, residential status depends on the number of days spent in India in the relevant fiscal year or previous years. A HUF's residential status is based on the residential status of the Karta. For firms, AOPs, and other persons, residential status is determined by where their control and management is located. All Indian companies are considered residents, while foreign companies may be resident or non-resident depending on where their control and management is located.
UNIT-1C.pptx
The document discusses the determination of residential status and its significance for tax liability in India. It outlines the different types of residential statuses (ordinarily resident, resident but not ordinarily resident, non-resident) for individuals, HUFs, firms, companies and others. It also examines how residential status impacts whether income earned in or outside India is taxable, depending on whether the income accrues or arises in India. The relationship between residential status, scope of tax and incidence of tax for different entities is also summarized.
Business Taxation Notes
The document defines key terms related to income tax in India such as assessee, assessment year, gross total income, previous year, and residential status. It explains that an assessee is a person liable to pay tax and includes individuals, HUFs, companies, firms, etc. Assessment year means the year following the previous year in which income is earned. Gross total income is the aggregate income from all sources. Residential status determines the scope of income taxable in India and can be resident, resident but not ordinarily resident, or non-resident. Income tax is deducted at source for certain types of income like salary, interest, rent, etc. and is considered advance tax.
Income_Tax- Basic Definition_ B.Com students docx
This document defines key terms related to the assessment of income tax in India. It explains that an assessment is the procedure by which an assessee's income is determined by the Assessing Officer. An assessee refers to any person whose income or loss is assessed. A deemed assessee is one who is considered an assessee for another person, while an assessee in default fails to fulfill their duties under tax law. The document also defines person, assessment year, previous year, and outlines the various categories of residential status and their implications for tax incidence: resident and ordinarily resident, resident but not ordinarily resident, and non-resident.
Income tax-Residential status of an assessee
An individual’s taxability in India is determined by his residential status under the income tax act in India for any given fiscal year. The phrase “residential status” was coined by India’s income tax rules and should not be confused with an individual’s citizenship in India. There is more information about it in my PPT.The foreign income i.e. income accruing or arising outside India in any financial year is liable to income-tax in that year even if it is not received or brought into India.Income tax is a interesting subject that you can learn easily.Follow me for more information.
residential info
The document discusses the residential status of individuals, HUFs, firms/AOPs, companies, and other persons according to the Income Tax Act of 1961. It provides examples to illustrate how an individual's residential status is determined based on their physical presence in India over the previous year and preceding years. It also summarizes the classifications of resident, resident but not ordinarily resident, and non-resident and how these apply to individuals, HUFs, firms/AOPs, companies, and other persons according to their control and management being situated inside or outside of India.
1657970914945_1657970709182_residential status 2 (2).pptx
The document discusses the residential status of individuals, HUFs, firms/AOPs, companies, and other persons according to the Income Tax Act of 1961. It provides examples to illustrate how an individual's residential status is determined based on their physical presence in India over the previous year and preceding years. It also summarizes the classifications of resident, resident but not ordinarily resident, and non-resident and how these apply to individuals, HUFs, firms/AOPs, companies, and other persons according to their control and management being situated inside or outside of India.
1657970914945_1657970709182_residential status 2.pptx
The document discusses the residential status of individuals, HUFs, firms/AOPs, companies, and other persons according to the Income Tax Act of 1961. It provides examples to illustrate how an individual's residential status is determined based on their physical presence in India over the previous year and preceding years. It also summarizes the classifications of resident, resident but not ordinarily resident, and non-resident and how these apply to individuals, HUFs, firms/AOPs, companies, and other persons according to their control and management being situated inside or outside of India.
Unit 1-tk-part-2
Corporate Tax Planning - Residential Status of Persons - Assessment Year 2016-17 by Dr. Thulasi Krishna. K
Similar to Residential status (17)
Residential Status and Tax liabilities -Incidence of Tax
Residential Status and Tax liabilities -Incidence of Tax
1657970914945_1657970709182_residential status 2 (2).pptx
1657970914945_1657970709182_residential status 2 (2).pptx
1657970914945_1657970709182_residential status 2.pptx
1657970914945_1657970709182_residential status 2.pptx
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disrtibution channel marketing
The document is a welcome presentation by Manish Kumar, who has an MBA in finance. It introduces Manish Kumar and provides his educational background as having an MBA with a specialization in finance. The purpose seems to be to welcome the audience to a presentation that Manish Kumar will be giving about finance topics given his educational experience in that field.
Feasibility Study
This document outlines the contents and preparation of a feasibility study report. It discusses the 10 guidelines advocated by UNIDO for feasibility studies, including the scope of the project, cost structure, operations scheduling, and contingencies. It also provides a 10-point checklist for feasibility reports, covering topics like examining public policy, specifying outputs and production techniques, conducting market analysis, specifying raw materials, site selection, layout preparation, and estimating working capital needs. The document serves as an introduction to conducting feasibility studies and preparing feasibility reports.
CURRENCY SWAP & INTREST RATE SWAP
A currency swap involves the exchange of principal and interest payments in one currency for the same in another currency at fixed intervals over the contract period. In a currency swap, counterparties can choose to exchange principal at the start and end of the swap or just exchange interest payments. An interest rate swap is an agreement where one party pays a fixed interest rate on a loan while receiving a floating rate, or vice versa, from the other party in order to reduce exposure to interest rate fluctuations. Common types of interest rate swaps include fixed to floating, floating to fixed, and float to float (basis) swaps. Swaps allow parties to achieve their desired interest rate exposure and are customized over-the-counter agreements.
Personnel finance manish
This document discusses wills and the power of attorney. It defines key terms like testator and beneficiary. It describes different types of wills like holographic and noncupative wills. It provides guidance on preparing a will, including considering assets and beneficiaries, choosing executors, and drafting the will. It notes that a will determines who will ultimately own assets, while a nomination determines who initially receives assets. A codicil can be used to make minor changes to a will.
Performance appraisal
Performance appraisals are used to evaluate employee work and provide feedback for improvement. Manish Kumar from GJUS&T presented on the topic of performance appraisals. The presentation likely discussed the purpose and process of conducting performance reviews to assess an employee's performance over a set time period.
Money laundering ppt
Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money" from criminal activity such as drug trafficking) appear legal (i.e. "clean"). It allows criminals to maintain control over their proceeds and ultimately provide a legitimate cover for the source of their income. This document appears to be a presentation on the topic of money laundering given by Manish Pannu, a student with the ID number 16104001 in an MBA-F program.
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The document discusses the three steps of target marketing: market segmentation, targeting, and positioning. It defines market segmentation as dividing a market into distinct groups with distinct needs and characteristics. The major bases for segmenting consumer and business markets are then described, including geographical, demographic, psychographic, and behavioral factors. The document also explains how companies identify attractive market segments using measures like segment size and growth. It outlines strategies for targeting segments, such as undifferentiated, differentiated, concentrated, and micromarketing. Finally, it defines positioning as a product's place in consumers' minds relative to competitors and discusses how companies choose positioning strategies based on competitive advantages.
UNDERSTANDING CONSUMER & INDUSTRIAL MARKETS
This document provides an overview of consumer and industrial markets. It defines a market as a meeting place for buyers and sellers, whether a physical location like a shop or online platforms. Consumer markets involve individuals purchasing for personal use, while industrial markets involve organizations purchasing goods and services for production. Consumer buyer behavior refers to how individuals make purchasing decisions based on marketing stimuli like product, price, place and promotion, as well as other economic, technological, political and cultural forces. Industrial market behavior involves business-to-business sales and longer, more complex sales processes that emphasize relationship building between buyers and sellers.
RATIO ANALYSIS training report
This document provides an overview of ratio analysis for assessing the financial position and performance of a company. It begins with introducing ratio analysis and its uses. Then it discusses different types of ratios - liquidity ratios, leverage ratios, activity ratios, and profitability ratios. For each type, it explains the important ratios calculated under that category. For key ratios like current ratio, debt-equity ratio, inventory turnover ratio, it provides the formula to calculate them as well as guidelines on the ideal ratios. The document serves as a comprehensive guide to ratio analysis and interpreting various financial ratios.
SECONDARY DATA
This document discusses secondary data - data originally collected by someone other than the user. It defines secondary data and lists common sources like censuses and government/organizational records. The purposes of secondary data are extracting relevant information, fact finding, model building, and data mining. Criteria for evaluating secondary data include specifications, error, currency, objectives, nature, and dependability. Secondary data is advantageous as it is economical, time saving, and helps focus primary data collection. However, disadvantages are that secondary data may not fit the research factors and accuracy is unknown. Secondary data can be used to identify problems, better define problems, develop research approaches, formulate research designs, and help interpret primary data.
Entrepreneurship: An Indian case
This document provides an overview of entrepreneurship in India, including definitions, examples of famous Indian entrepreneurs, and advice for starting a business. It begins with definitions of entrepreneurship and an entrepreneur. It then discusses the history and current situation of entrepreneurship in India. Examples are given of emerging Indian entrepreneurs like the founders of Flipkart, Ola, Zomato, and Paytm. The document also outlines qualities of successful entrepreneurs, methods for starting a business, raising funds, government policies, and challenges faced by entrepreneurs.
HUMAN RESOURCE PLANNIG
Human resource planning is important for organizations to effectively manage their workforce. It is affected by both external factors like the job market and internal factors such as the company's goals and strategies. The human resource planning process involves forecasting workforce needs, recruiting qualified candidates, and developing current employees.
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Capital budgeting
This document provides an overview and introduction to Delhi Metro Rail Corporation Ltd (DMRC). It discusses the history and development of metro systems globally and in India. It then summarizes the key details about DMRC, including that it was established in 1995 as a joint venture between the central and Delhi governments to implement a metro system in Delhi. The document also outlines DMRC's vision, organization structure, funding sources, and provides introductions to concepts like capital budgeting and investment decision rules.
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1. CCIL is an institution that clears outright and repo trades on a guaranteed basis, handling products like government securities, repos, forex spots, and forwards. It has introduced an FX trading platform called FX Clear that enables straight through processing.
2. CLS operates the largest multicurrency cash settlement system to mitigate settlement risk for FX transactions, settling payments in 17 major currencies. Settlement risk is recognized as one of the most significant systemic risks to participants in the FX market.
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This presentation discusses demand forecasting techniques. It introduces demand forecasting and its importance for production planning, new product launches, capacity expansion, and industry entry. There are two types of demand forecasts: short-term and long-term. The presentation covers several common methods for demand forecasting, including consumer surveys, expert opinions, market experiments, time series analysis, and econometric methods. Each method is then described in more detail.
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留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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招聘代理：本公司诚聘英国加拿大澳洲新西兰美国法国德国新加坡各地代理人员如果你有业余时间有兴趣就请联系我们咨询顾问：+微信:95270640田里逡巡一番抱起一只硕大的西瓜用石刀劈开抑或用拳头砸开每人抱起一大块就啃啃得满嘴满脸猴屁股般的红艳大家一个劲地指着对方吃吃地笑瓜裂得古怪奇形怪状却丝毫不影响瓜味甜丝丝的满嘴生津遍地都是瓜横七竖八的活像掷满了一地的大石块摘走二三只爷爷是断然发现不了的即便发现爷爷也不恼反而教山娃辨认孰熟孰嫩孰甜孰淡名义上是护瓜往往在瓜棚里坐上一刻饱吃一顿后山娃就领着阿黑漫山遍野地跑阿黑是一条黑色的大猎狗挺机灵的是山室
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Residential status
- 1. RESIDENTIAL STATUS & TAX INCIDENCE Presented By: Manish Pannu MBA - Finance 16104001
- 2. Why Study Residential Status ? ☼ Tax incidence of assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. ☼ Similarly, whether an income earned by a foreign national in India or outside India is taxable in India depends on the residential status of the individual, rather than on his citizenship. ☼ Similarly, whether an income earned by a foreign national in India or outside India is taxable in India depends on the residential status of the individual, rather than on his citizenship.
- 3. Taxable Entity ☼ A taxable entity can be: ҉ An Individual ҉ A Hindu undivided family ҉ A firm ҉ An association of persons ҉ Joint stock company ҉ Any other person.
- 4. How to find out residential status Following table explains how these are subcategorised with respect to their residential status Individual /HUF Residential Non- Residential Ordinary Non- Ordinary Others included in definition of person Residential Non- Residential
- 5. Determining the Residential status of An individual Section 6(1): This section applies to individuals. If an individual is to qualify as residential of India, he has to fulfil at least one of the following two conditions: Condition Explanation 1 He is in India in the previous year for a period of 182 days or more 2 He is in India for a period of 60 days or more during the previous year & 365 days or more during 4 years immediately preceding the previous year.
- 6. Determining if a residential is an ordinary residential Section 6(6): This section applies to individuals. If an individual is to qualify as an ordinary residential of India, he has to fulfil both of the following two conditions in addition to fulfilling the criteria as provided in criteria 6(1) : Condition Explanation 1 2 He has been resident in India in at least 2 out of 10 previous years immediately preceding the relevant previous year He is in India for a period of 730 days or more during 7 years immediately preceding the relevant previous year. Individuals satisfying conditions of sec 6(1) but not sec 6(6) will be classified as Resident Non ordinary individuals.
- 7. Rules of Residence status: ҉ Resident & ordinarily resident: Must satisfy at least one of the basic conditions & both of the additional conditions. ҉ Resident & ordinarily resident: Must satisfy at least one of the basic conditions & one or none of the additional conditions. ҉ Non-residential: Must satisfy none of the basic conditions.
- 8. Determine the residential status of HUF: ☼ Section 6(2) : This section applies to Hindu undivided Family. The distinction under this section is made as: “ A Hindu undivided family is said to be resident in India if control & management of its affairs is wholly or partly situated in India. A Hindu undivided family is non residential in India if control & management of its affairs is wholly situated outside India” ☼ Control & management is situated at a place where the head, the seat & the director power are situated.
- 9. Section 6(6)(b): A resident Hindu undivided family is an ordinarily resident in India if the karta or manager of the family business satisfies the following two conditions: Condition Explanation 1 Karta has been resident in India in at least 2 out of 10 previous years immediately preceding the relevant previous year 2 Karta has been in India for a period of 730 days or more during 7 years immediately preceding the relevant previous year. If conditions stipulated in section 6(6)(b) are not satisfied by a HUF fulfilling conditions stipulated in section 6(b), then its is classified as a resident non-ordinary HUF.
- 10. Rules: ☼ Control & management of the affairs of a HUF is- ҉ Wholly in India: non-resident. ҉ Wholly out of India: non-resident. ҉ Partly in India & partly outside India: If karta does not satisfy the additional conditions, a resident HUF is treated as resident but not ordinary resident in India.
- 11. Residential status of Firm/Association of persons: ☼ As per section 6(2), a partnership firm & an association of persons are said to be resident in India if control & management of their affairs are wholly or partially situated with in India during the relevant previous year. ☼ They are, however, treated as non resident in India if control & management of their affairs are situated wholly outside India .
- 12. Residential status of a company: ☼ As per section 6(3), a Indian company is always resident in India. ☼ A foreign company is resident in India only if, during the previous year, control & management of its affairs is situated wholly in India. ☼ However, a foreign company is treated as non-residential if, during the previous year, control & management of its affairs is either wholly or partly situated out of India.
- 13. Incidence of TAX: OR-ordinary residential, NOR-non ordinary residential, NR-non residential