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.
Why to determine Residential Status?
Categorization of Residential Status.
Rules for determining the Residential Status :
Section 6(1) - Rule for determining the Residential Status of an Individual
Section 6(2) - Rule for determining the Residential Status of an HUF, Firm, AOP, BOI
Section 6(3) - Rule for determining the Residential Status of Company
Section 6(4) - Rule for determining the Residential Status of any other person
Glance on Incidence of Tax
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.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Why to determine Residential Status?
Categorization of Residential Status.
Rules for determining the Residential Status :
Section 6(1) - Rule for determining the Residential Status of an Individual
Section 6(2) - Rule for determining the Residential Status of an HUF, Firm, AOP, BOI
Section 6(3) - Rule for determining the Residential Status of Company
Section 6(4) - Rule for determining the Residential Status of any other person
Glance on Incidence of Tax
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.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Key Takeaways:
- Provisions dealing with set-off and carry forward
- Inter-head and Inter-Source Set-off of Losses
- Carry Forward and Set-off of Losses in Special Cases
Concept of residence under income tax act (with the concept of dtaa and poem)Amitabh Srivastava
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.
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.
Key Takeaways:
- Provisions dealing with set-off and carry forward
- Inter-head and Inter-Source Set-off of Losses
- Carry Forward and Set-off of Losses in Special Cases
Concept of residence under income tax act (with the concept of dtaa and poem)Amitabh Srivastava
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.
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.
Key Takeaways:
Analysing the provisions of Sec 6
Recent budget amendments of Finance Act, 2020
Residency provisions under DTAA
Illustrations and Judicial Precedents
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
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Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. The total income of an assessee during the
previous year is computed on the basis of his
residential stats.
Different types of residential status
1. Resident and ordinary resident
2. Resident but not ordinary resident
3. Non – resident
3. RESIDENTIAL STATUS OF AN individual
The residential status is determined on the basis of
certain conditions
Basic conditions
Or
The assessee is in India during the previous year for a period of
182 days or more in the relevant previous year.
The assessee is in India during the previous for a period of 60
days or more in the year and for a period of 365 days or more
during the 4 years preceding the previous years.
4. In the following two cases, an individual needs to be
present in India for a minimum of 182 days or more in
order to become resident in India:
An Indian citizen who leaves India during the previous year for the
purpose of taking employment outside India or an Indian citizen
leaving India during the previous year as a member of the crew of
an Indian ship.
An Indian citizen or a person of Indian origin who comes on visit to
India during the previous year
****** a person is said to be an Indian origin if either he or
any of his parents or any of his grandparents was born in
undivided India
Additional conditions
The assessee has been resident in India in at least 2 out of 10
previous years . (Satisfying anyone of the basic conditions)
5. And
Resident
An individual is said to be resident in India if he satisfies any
one of the basic conditions.
Resident And Ordinarily Resident
An individual is said to be resident and ordinarily resident in
India if he satisfies any one of the basic conditions and both
of the additional conditions.
Resident But Not Ordinarily Resident
An individual is said to be resident but not ordinarily resident
in India if he satisfies any one of the basic conditions but not
satisfies both of the additional conditions.
Non-Resident
An individual is a non-resident in India if he satisfies none of
the basic conditions.
The assessee been in India for a period of 730 days or more
during 7 years immediately preceeding the relevant previous
year.
6. As per section 6(2), a Hindu undivided family (like an
individual) is either resident in India or non-resident in
India. A resident Hindu undivided family is either ordinarily
resident or not ordinarily resident.
A Hindu undivided family is said to be resident in India if
control and management of its affairs is wholly or partly
situated in India during the previous year
A Hindu undivided family is non-resident in India if control
and management of its affairs is wholly situated outside
India.
A resident Hindu undivided family is an ordinarily resident
in India if the karta or manager of the family (including
successive kartas) satisfies the following two additional
conditions as laid down by section 6(6)(b).
7. Additional condition (i) Karta has been resident in India
in at least 2 out of 10 previous years
(according to the basic condition mentioned in immediately
preceding the relevant previous year)
Additional condition (ii) Karta has been present in India
for a period of 730 days or more during 7 years
immediately preceding the previous year.
8. A partnership firm and an association of persons are said
to be resident in India if control and management of their
affairs are wholly or partly situated within India during the
relevant previous year.
They are, however, treated as non-resident in India if
control and management of their affairs are situated
wholly outside India. (As per section 6(2))
A firm and AOP can never be a not ordinarily resident.
9. A company is said to be an resident in India in any previous
year ;
1. It is an Indian company or
2. During the last year the place effective management
(POEM) of company’s affairs was wholly situated in
India.
• POEM applicable to foreign company only, if turnover
or gross receipt is more than 50 Cr (wef 2017-18)
• A company never be a not ordinarily resident
• A foreign company which does not satisfy the following
condition ie if turnover or gross receipt is more than 50
Cr is a non resident company
10. “Place of effective management” has been defined to
mean a place where key management and commercial
decisions that are necessary for the conduct of the
business of an entity as a whole are, in substance made.
PoEM chart
11. Tax is levied on the total income on the basis of residential
status of the assessee.
Resident and ordinarily resident:
Total income of an assessee who is resident and ordinarily
resident includes:
(a) any income received or deemed to be received in India
during the previous year by or on behalf of the assessee
weather accrued or arisen anywhere
(b)any income accrues or arises or deemed to accrue or arise
to him in India during the previous year weather received
anywhere
(c) any income accrues or arises to him outside India during
such year.
12. Resident but not ordinarily resident:
Total income of an assessee who is resident but not ordinarily
resident includes:
(a) any income received or deemed to be received in India
during the previous year by or on behalf of the assessee
weather accrued or arisen anywhere ; or
(b)any income accrues or arises or deemed to accrue or arise to
him in India during the previous year weather received
anywhere ; or
(c) any income accrues or arises to him outside India from a
business controlled in or a profession set up in India.
Non- resident:
Total income of an assessee who is a non resident includes:
(a) any income received or deemed to be received in India
during the previous year by or on behalf of the assessee
weather accrued or arisen anywhere ; or
(b)any income accrues or arises or deemed to accrue or arise to
him in India during the previous year weather received
anywhere.
13.
14. Received
The receipt of income on the first occasion
The place of its receipts shall be the place where it is
received for the first time and not the place of its receipt
on subsequent remittance.
Eg : foreign income of an NRI is not taxable in India
Deemed to be received
The income has not been actually received , but deemed to
be received under the income tax Act
Eg: Tax deducted at Source , Dividend received