Scope of total income
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This document discusses the scope of total income in India based on an individual's residential status. It outlines three important considerations for the incidence of tax: the residential status of the assessee, the place of accrual or receipt of income, and the point of time at which the income was accrued or received. It then provides details on the different types of income that are included in total income for residents and ordinarily residents, residents but not ordinarily residents, and non-residents. Examples are also given to illustrate how total income would be calculated for each residential category.
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Scope of Total Income
The document discusses the scope of total income under the Indian Income Tax Act based on the residential status of an assessee. It outlines three important considerations for determining the incidence of tax: 1) the residential status of the assessee, 2) the place of accrual or receipt of income, and 3) the point of time at which the income was accrued or received. It then provides details on the different types of income that are included in the total income for residents and ordinarily residents, residents but not ordinarily residents, and non-residents. The document also includes an example to illustrate how to compute total income based on residential status.
Scope of TI problems
- The document discusses the tax treatment of various incomes for individuals with resident, not ordinary resident, and non-resident tax statuses in India. It provides examples of incomes from different sources and whether they would be taxable under each residential status.
- Tables are presented showing the taxable income for three individuals - Mr. X, Mr. Devilal, and Mr. Deepak - under each residential status. The types of incomes included business income, agriculture, salary, house property, capital gains, and more.
- Whether an income is taxable depends on factors like where it was earned, where it was received, and whether a business or property is controlled from India. In general, more income sources are taxable
Scope of total income
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Scope of Total Income
The document discusses the scope of total income based on a taxpayer's residential status in India as a resident and ordinarily resident, resident but not ordinarily resident, or non-resident. It outlines the different types of income that are taxable or not taxable in India for each residential status, based on factors such as where the income was earned and received, and whether it relates to a business or profession in or outside of India. The three main considerations for determining the scope of total income and tax incidence are the taxpayer's residential status, place of accrual or receipt of income, and the time at which income had accrued or was received.
Scope of Total Income - Problems and Solutions
This document discusses the scope of total income that is taxable for two individuals, Mr. X and Mr. Devilal, based on their residential status of resident, not ordinary resident, or non-resident. For each individual, various types of income are listed along with whether they would be included in their total taxable income under each residential status. Computations of total income for each individual are also provided based on the residential statuses.
Residential status
This document provides an overview of basic income tax concepts in India. It defines key terms like assessee, previous year, assessment year, and heads of income. It explains the different types of taxes in India including direct and indirect taxes. It also outlines the criteria for determining an individual's residential status for income tax purposes as normal resident, resident but not ordinarily resident, or non-resident. Specific examples are provided to illustrate how to determine an individual's residential status based on their period of stay in India.
Scope of Total Income - Problems and Solutions - 2
This document provides information about the scope of total income and taxation based on residential status. It gives examples of various types of incomes and whether they would be taxable for an individual with residential status of resident, not ordinary resident, or non-resident in India. Tables are provided that calculate the total income that would be taxed for each residential status based on example income amounts. The document also clarifies definitions for income received in or outside of India and businesses controlled from within or outside of India as it relates to taxation.
Scope of Total Income - Problems and Solutions (3)
The document discusses the computation of total income for two individuals - Pawan and Jairam - for the assessment year 2020-2021 based on their residential status as resident, not ordinary resident, or non-resident. For Pawan, the total income is ₹464,000 as a resident, ₹254,000 as a not ordinary resident, and ₹254,000 as a non-resident. For Jairam, the total income is ₹751,000 as a resident, ₹505,000 as a not ordinary resident, and ₹285,000 as a non-resident. The document provides details of the income sources and amounts for each individual and the treatment
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Scope of Total Income
The document discusses the scope of total income under the Indian Income Tax Act based on the residential status of an assessee. It outlines three important considerations for determining the incidence of tax: 1) the residential status of the assessee, 2) the place of accrual or receipt of income, and 3) the point of time at which the income was accrued or received. It then provides details on the different types of income that are included in the total income for residents and ordinarily residents, residents but not ordinarily residents, and non-residents. The document also includes an example to illustrate how to compute total income based on residential status.
Scope of TI problems
- The document discusses the tax treatment of various incomes for individuals with resident, not ordinary resident, and non-resident tax statuses in India. It provides examples of incomes from different sources and whether they would be taxable under each residential status.
- Tables are presented showing the taxable income for three individuals - Mr. X, Mr. Devilal, and Mr. Deepak - under each residential status. The types of incomes included business income, agriculture, salary, house property, capital gains, and more.
- Whether an income is taxable depends on factors like where it was earned, where it was received, and whether a business or property is controlled from India. In general, more income sources are taxable
Scope of total income
scope of total income, indian income, income received in india, income deemed to be received in india, income accrued in india, income deemed to be accrued in india, foreign income, deemed income
Scope of Total Income
The document discusses the scope of total income based on a taxpayer's residential status in India as a resident and ordinarily resident, resident but not ordinarily resident, or non-resident. It outlines the different types of income that are taxable or not taxable in India for each residential status, based on factors such as where the income was earned and received, and whether it relates to a business or profession in or outside of India. The three main considerations for determining the scope of total income and tax incidence are the taxpayer's residential status, place of accrual or receipt of income, and the time at which income had accrued or was received.
Scope of Total Income - Problems and Solutions
This document discusses the scope of total income that is taxable for two individuals, Mr. X and Mr. Devilal, based on their residential status of resident, not ordinary resident, or non-resident. For each individual, various types of income are listed along with whether they would be included in their total taxable income under each residential status. Computations of total income for each individual are also provided based on the residential statuses.
Residential status
This document provides an overview of basic income tax concepts in India. It defines key terms like assessee, previous year, assessment year, and heads of income. It explains the different types of taxes in India including direct and indirect taxes. It also outlines the criteria for determining an individual's residential status for income tax purposes as normal resident, resident but not ordinarily resident, or non-resident. Specific examples are provided to illustrate how to determine an individual's residential status based on their period of stay in India.
Scope of Total Income - Problems and Solutions - 2
This document provides information about the scope of total income and taxation based on residential status. It gives examples of various types of incomes and whether they would be taxable for an individual with residential status of resident, not ordinary resident, or non-resident in India. Tables are provided that calculate the total income that would be taxed for each residential status based on example income amounts. The document also clarifies definitions for income received in or outside of India and businesses controlled from within or outside of India as it relates to taxation.
Scope of Total Income - Problems and Solutions (3)
The document discusses the computation of total income for two individuals - Pawan and Jairam - for the assessment year 2020-2021 based on their residential status as resident, not ordinary resident, or non-resident. For Pawan, the total income is ₹464,000 as a resident, ₹254,000 as a not ordinary resident, and ₹254,000 as a non-resident. For Jairam, the total income is ₹751,000 as a resident, ₹505,000 as a not ordinary resident, and ₹285,000 as a non-resident. The document provides details of the income sources and amounts for each individual and the treatment
Scope of Total Income
The document discusses the scope of total income under the Income Tax Act for different residential statuses - resident and ordinarily resident, resident but not ordinarily resident, and non-resident. It provides examples of income that would be taxable for each status, depending on whether the income is received, accrued, or earned in India or abroad. It also contains sample problems calculating total income for individuals with various sources of income under each of the three residential statuses.
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.
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.
Chapter 2 residential status
- Residential status determines the scope of total income that is taxable in India for an individual, HUF, firm, company, or other person. It depends on the number of days spent in India and/or control and management of affairs in India during the previous year.
- For individuals, residential status can be resident, resident but not ordinarily resident (R-NOR), or non-resident. To be a resident, one must spend 182 days or more in India during the previous year or 60 days and 365 days in the last 4 years.
- For HUF, firm, company or other association, control and management of affairs must be wholly/partly situated in India to be resident.
Capital gain
- The document discusses capital gains tax in India, including definitions of capital assets and capital gains.
- Profits from the transfer of a capital asset are called capital gains and taxed under the head "Capital Gains".
- Capital gains are classified as short-term capital gains (assets held less than 36 months) or long-term capital gains (assets held more than 36 months).
- The period for classifying gains from certain listed securities is 12 months instead of 36 months.
Charge of Income Tax
Charge of Income Tax
Income tax is charged in assessment year at rates specified by the Finance Act applicable on 1st April of the relevant assessment year.
It is charged on the total income of every person for the previous year.
Total Income is to be computed as per the provisions of the Act
Income tax is to be deducted at source or paid in advance wherever required under the provision of the Act.
Person u/s 2(31) includes,
An Individual,
Hindu Undivided Family (HUF),
A Company,
A Firm,
An Association of Persons(AOP) or Body of Individuals (BOI),
A Local Authority,
Every other Artificial Juridical Person
Incidence of Tax
Incidence of Tax
Residential status under income tax
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
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.
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 sec 6
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
- 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.
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.
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
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 Tax liabilities -Incidence of Tax
Dear Pupil:
This presentation includes the Residential Status and Tax liabilities -Incidence of Tax.
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
1. The document discusses the rules for determining an individual's residential status for tax purposes in India.
2. It outlines the basic conditions for being considered a resident of India, including staying 182 days or more in the previous year or staying 60 days or more and 365 days in the last 4 years.
3. It then gives an example calculation of residential status for an individual named Mr. X over several previous years, determining that he qualifies as a "resident and ordinarily resident" of India based on meeting the additional conditions.
Tax incidence
This document discusses the incidence of tax on individuals and other taxpayers based on their residential status and where their income is received or accrued. It defines Indian income and foreign income and outlines which types of income are taxable in India for residents and ordinarily residents, residents but not ordinarily residents, and non-residents. Examples are also provided to illustrate how to calculate total income based on residential status and income details.
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 Tax Management
The document discusses residential status rules in India for income tax purposes. It defines an individual as a resident if they spend 182 days or more in India in a year, or 60 days in the current year if they spent 365 days in the last 4 years. However, this 60 day rule is extended to 182 days for Indian citizens who leave India for employment abroad.
The document examines two cases. In the first case, an employee deputed to the UK was found to be non-resident as they spent less than 182 days in India, even though they were not unemployed prior to leaving. In the second case, another employee deputed abroad was also found to be non-resident based on the 182 day rule for leaving India
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.
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
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Scope of Total Income
The document discusses the scope of total income under the Income Tax Act for different residential statuses - resident and ordinarily resident, resident but not ordinarily resident, and non-resident. It provides examples of income that would be taxable for each status, depending on whether the income is received, accrued, or earned in India or abroad. It also contains sample problems calculating total income for individuals with various sources of income under each of the three residential statuses.
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.
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.
Chapter 2 residential status
- Residential status determines the scope of total income that is taxable in India for an individual, HUF, firm, company, or other person. It depends on the number of days spent in India and/or control and management of affairs in India during the previous year.
- For individuals, residential status can be resident, resident but not ordinarily resident (R-NOR), or non-resident. To be a resident, one must spend 182 days or more in India during the previous year or 60 days and 365 days in the last 4 years.
- For HUF, firm, company or other association, control and management of affairs must be wholly/partly situated in India to be resident.
Capital gain
- The document discusses capital gains tax in India, including definitions of capital assets and capital gains.
- Profits from the transfer of a capital asset are called capital gains and taxed under the head "Capital Gains".
- Capital gains are classified as short-term capital gains (assets held less than 36 months) or long-term capital gains (assets held more than 36 months).
- The period for classifying gains from certain listed securities is 12 months instead of 36 months.
Charge of Income Tax
Charge of Income Tax
Income tax is charged in assessment year at rates specified by the Finance Act applicable on 1st April of the relevant assessment year.
It is charged on the total income of every person for the previous year.
Total Income is to be computed as per the provisions of the Act
Income tax is to be deducted at source or paid in advance wherever required under the provision of the Act.
Person u/s 2(31) includes,
An Individual,
Hindu Undivided Family (HUF),
A Company,
A Firm,
An Association of Persons(AOP) or Body of Individuals (BOI),
A Local Authority,
Every other Artificial Juridical Person
Incidence of Tax
Incidence of Tax
Residential status under income tax
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
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.
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 sec 6
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
- 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.
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.
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
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 Tax liabilities -Incidence of Tax
Dear Pupil:
This presentation includes the Residential Status and Tax liabilities -Incidence of Tax.
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
1. The document discusses the rules for determining an individual's residential status for tax purposes in India.
2. It outlines the basic conditions for being considered a resident of India, including staying 182 days or more in the previous year or staying 60 days or more and 365 days in the last 4 years.
3. It then gives an example calculation of residential status for an individual named Mr. X over several previous years, determining that he qualifies as a "resident and ordinarily resident" of India based on meeting the additional conditions.
Tax incidence
This document discusses the incidence of tax on individuals and other taxpayers based on their residential status and where their income is received or accrued. It defines Indian income and foreign income and outlines which types of income are taxable in India for residents and ordinarily residents, residents but not ordinarily residents, and non-residents. Examples are also provided to illustrate how to calculate total income based on residential status and income details.
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 Tax Management
The document discusses residential status rules in India for income tax purposes. It defines an individual as a resident if they spend 182 days or more in India in a year, or 60 days in the current year if they spent 365 days in the last 4 years. However, this 60 day rule is extended to 182 days for Indian citizens who leave India for employment abroad.
The document examines two cases. In the first case, an employee deputed to the UK was found to be non-resident as they spent less than 182 days in India, even though they were not unemployed prior to leaving. In the second case, another employee deputed abroad was also found to be non-resident based on the 182 day rule for leaving India
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Residential Status and Tax liabilities -Incidence of Tax
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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.
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
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RESIDENTIAL STATUS AND INCIDENCE OF TAX:
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Residential status
- The document discusses the residential status of individuals in India under the Income Tax Act and the scope of total income.
- An individual is a resident if they stay in India for 182 days or more in a year or 60 days in the current year and 365 days in the last 4 years. Special categories also include individuals staying 182 days or more.
- The total income of a resident includes global income while a non-resident's total income includes India-sourced income or income from a business controlled in India.
income tax
The document provides an overview of the Income Tax Act of 1961 in India. It discusses key concepts such as the definition of an assessee, types of income, taxable income, residential status, exempted incomes, heads of income including salary, house property, capital gains, and other sources. It also summarizes provisions related to computation of profits from business or profession, capital gains, deductions allowed, and scope of total income under the act.
RESIDENTIAL STATUS OF AOP, FIRM
This document discusses the residential status of Association of Persons (AOP) and firms for income tax purposes.
For an AOP, its residential status is determined based on where its principal officer resides and controls operations from. If the principal officer resides in India, the AOP is resident in India, but if the principal officer resides outside India, the AOP is non-resident.
For a firm, its residential status depends on where it is controlled from, not the residential status of individual partners. If controlled from India, the firm is resident in India. The document provides examples of how the residential status would be determined for different scenarios involving partner residency and location of control.
The document also outlines
RESIDENTIAL STATUS OF AOP AND FIRM
This document discusses the residential status of Association of Persons (AOP) and firms for income tax purposes.
For an AOP, its residential status is determined based on where its principal officer resides and controls operations from. If the principal officer resides in India, the AOP is resident in India. If the principal officer resides outside India, the AOP is non-resident.
For a firm, its residential status depends on where it is controlled from, not the residential status of individual partners. If controlled from India, the firm is resident in India. The document provides examples of how the residential status would be determined under different scenarios.
It also discusses the tax treatment of different types of incomes based on
Taxation - India & Australia
This document provides a comparative study of taxation systems in India and Australia. It discusses key aspects such as residential status, income from salaries, income from house properties, and computation of tax liabilities. Residential status rules and tax rates differ between the two countries. While both countries have income taxes deducted from salaries, Australia uses a PAYG system while India uses TDS. Deductions also vary for income from house properties. Overall tax rates tend to be higher in Australia, but a similar standard of living would require higher income due to differences in costs of living between the two countries.
Singapore Personal Tax 2018
This document provides information on various Singapore personal tax reliefs, exemptions, and schemes. It discusses tax reliefs available to Singaporeans/PRs, all taxpayers, and high net worth individuals. It also covers exemptions for foreign-sourced income if certain criteria are met. Other sections explain the differences between assessable and chargeable income, the Not Ordinarily Resident scheme, voluntary disclosure of wrong tax filings, and whether overseas income received in Singapore is taxable. The document aims to help taxpayers understand and apply relevant Singapore tax provisions.
Who is considered as resident and non-resident in India?
Key Takeaways:
Analysing the provisions of Sec 6
Recent budget amendments of Finance Act, 2020
Residency provisions under DTAA
Illustrations and Judicial Precedents
Income tax act 1961
This document provides an overview of Sections 1-17 of the Income Tax Act of 1961 as amended by the Finance Act of 2013. It begins with background information on nationality, citizenship and types of persons under the act. It then summarizes key points about determining residential status for individuals, HUFs, firms/AOPs/LLPs and companies. Several sections are summarized including income deemed to accrue in India, special provisions for newly established units in SEZs and meanings of terms like computer programs. Conditions for tax exemption of trusts and institutions are also outlined.
Project construction process
1. An Israeli technology company will partner with an Indian company to establish a 40 hectare pomegranate farming project in India using Israeli expertise.
2. The companies will sign agreements regarding confidentiality, technology licensing, revenue sharing, and responsibilities of each party.
3. The project budget and timeline are estimated, outlining costs for propagation material, nursery establishment, land preparation, and projected harvest amounts and revenues over 10 years.
INCOME_TAX2 TO SECURE OFFER IT secure offer no
This document provides information about income tax in India including definitions, assessments, residential status, scope of taxable income, types of incomes, corporate tax planning, computation of gross total income, and due date for company tax return filing. Key points include definitions of assessee, agricultural income, total income; assessments are made for previous years; residential status includes ordinarily resident, not ordinarily resident, non-resident; scope of taxable income depends on residential status; corporate tax planning aims to minimize current and future tax liabilities; gross total income is computed under various heads; and company tax returns are due by September 30 each year.
UNIT 3: RESIDENTIAL STATUS
This document discusses residential status for income tax purposes in India. It defines the categories of resident, resident but not ordinarily resident (RNOR), and non-resident. An individual is considered a resident if they are in India for at least 182 days in a year or at least 60 days in the year and 365 days in the last 4 years. To be considered a resident and ordinarily resident (ROR), additional criteria of being in India for at least 730 days in the last 7 years and being a resident for at least 2 of the last 10 years must be met. The document provides examples to demonstrate how to determine residential status.
DSIR Recognition
The document provides information about how a company called Scinnovation can help businesses get their research and development centers approved and recognized by the Department of Science and Industrial Research (DSIR) in India, which would provide direct tax benefits like increased tax deductions for R&D expenses as well as indirect tax benefits and access to government funding opportunities. Scinnovation offers a turnkey solution to help companies navigate the application and approval process to receive these benefits with a high success rate.
Taxation laws
Management-Taxation laws
Residential Status
Incidence of Tax
RESIDENTIAL STATUS OF AN INDIVIDUAL
EXCEPTIONS TO BASIC CONDITIONS
Income Tax
AGRICULTURAL INCOME
Sec.10(1) exempts Agricultural Income from Income-Tax. Bu virtue of Sec.2(1)a the expression “Agricultural Income” means : •Any Rent or Revenue derived from Land which is situated in India and is used for
agricultural purposes. [Sec. 2(1A)(a)] •Any income derived from such land : Use for Agricultural purposes ; or Used for agricultural operations means- irrigating and harvesting , sowing, weeding, digging, cutting etc. It involves employment of some human skill, labour and energy to get some income from land Condition-1 : Income derived from Land
Condition-2 : Land is used for Agricultural Purposes
Condition-3 : Land is situated in India
Taxability of ESOP and Shares outside India
How to invest overseas? Why should you invest in overseas entities? What is ESOP? What tax rates are applicable on overseas investment?
Income tax introduction
This document discusses various aspects of income tax in India. It defines income tax as an annual tax on income. Direct taxes are taxes where the burden and incidence are on the same person, while indirect taxes are taxes where the burden is passed on to another person. It discusses the history and introduction of income tax in India. It explains the key concepts of gross total income, total income, casual income, and agricultural income. It also discusses the tax treatment of different types of assessees based on their residential status in India.
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Business income
1) Business income is computed by adjusting the net profit as shown in the profit and loss account by adding back inadmissible expenses and deducting allowable expenses not accounted in the profit and loss account and income not taxable under the head 'profits and gains from business or profession'.
2) Several examples are given showing the computation of business income by making the prescribed additions and deductions like salary, interest, donations, depreciation, income from other heads etc.
3) House property income is also computed by deducting standard deduction and interest on home loan from annual rent received in case of let out and self-occupied properties respectively.
Forms of organisation non-corporate enterprises
This document summarizes different forms of business organization in India. It discusses sole proprietorships, partnership firms, and joint Hindu family firms. Some key points covered are:
- Sole proprietorships are owned and managed by one person who has unlimited liability. They are easy to form but have limited capital and managerial ability.
- Partnership firms require an agreement between partners to share profits and have features like implied agency and unlimited liability of partners. They allow for larger capital but can lack stability.
- Joint Hindu family firms are formed by operation of law between members of a Hindu undivided family. They provide continuity but can have restricted membership and lack of incentive or stability.
Professional income
The document provides examples of computing taxable professional income for different professionals - a doctor, chartered accountant, lawyer, and medical practitioner. It shows how to calculate professional receipts and allowable professional expenses to determine the net professional gain or income based on the accounting system and other details provided. The computations deduct expenses like rent, salary, depreciation allowances, and other costs from the total receipts to arrive at the taxable professional income.
Professional income
The document provides examples of computing professional income for different professionals including doctors, chartered accountants, lawyers, and medical practitioners. It shows how to calculate professional receipts and deduct allowable professional expenses to determine the taxable professional gain. Expenses include rent, salaries, depreciation, cost of medicines/supplies, and more. The net professional income is calculated by deducting total expenses from total receipts.
Business income
The document defines business and profession and provides examples of computation of business income under various scenarios. It discusses adding inadmissible expenses and deducting allowable expenses not debited in arriving at business income. It also provides an example of computation of house property income where there is a let out property and self-occupied property with a loss.
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This document summarizes different forms of business organization in India. It discusses sole proprietorships, partnership firms, and joint Hindu family firms. Some key points covered are:
- Sole proprietorships are owned and controlled by one person who has unlimited liability. They are easy to form but have limited capital and managerial ability.
- Partnership firms require an agreement between partners to share profits and have implied agency and unlimited liability unless otherwise agreed. They allow for larger capital but can lack stability.
- Joint Hindu family firms are formed by operation of Hindu law between co-parceners of a family. They provide continuity but can lack incentive and stability if mismanaged by the head of the family.
Nature of business
This document provides an overview of the nature of business. It defines business as an organization that obtains resources like funds, labor, and equipment to provide goods or services to customers in exchange for money. The document outlines key characteristics of business like the sale of goods/services, continuity, and profit motive. It also discusses the components/systems of business including personnel, finance, marketing, and production functions. The primary objective of modern business is stated as making a profit, with secondary objectives like creating customers, innovating new products, providing value, employment, and fair returns. Principles of organization, essentials of success, qualities of successful businessmen, and business ethics are also summarized.
Residential status problems
1. Mr. Prashant went to Germany for a diploma course from August 2020 to February 2021. As he was out of India for more than 182 days, his residential status for FY 2020-2021 is non-resident.
2. An individual was in India for 185 days in FY 2020-2021, 15 days in 2019-2020, and 26 days in 2018-2019. As the stay in India was less than 182 days in the last 2 years, the residential status for AY 2021-2022 is non-resident.
3. Mr. Rohan, a foreign national, has been in India for more than 120 days in 5 of the last 6 years. Therefore, his residential
Residential status
1. The document discusses the residential status of individuals, HUFs, AOPs, and firms under the Indian Income Tax Act. It provides examples and solutions for determining residential status based on the number of days spent in India and the location from which business affairs are controlled.
2. Residential status is determined based on satisfying conditions for being a resident under section 6(1) or by being ordinarily resident as defined in section 6(6).
3. Location of control and management is the determining factor for residential status of HUFs, AOPs and firms, regardless of the residential status of members.
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This document provides an introduction to income tax in India. It discusses why taxes are paid, what the government does with tax revenue such as healthcare, education, national defense, and welfare programs. It defines key aspects of Indian taxation including that it is compulsory, imposed by the government, and not a voluntary donation. The major sources of tax revenue are income, wealth, sales, and expenditures related to service, production, imports and exports. The constitution outlines which levels of government can tax which areas. The history of income tax in India is also briefly discussed.
Unit v
The document discusses customs duty in India. It provides definitions and explanations of key terms:
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2) There are different types of customs duties including basic customs duty, additional customs duty, protective duty, and anti-dumping duty. Drawback allows refunds of import duties paid on goods that are later exported.
3) Sections 74-76 of the Customs Act cover duty drawback, allowing refunds of duties paid on imported goods that are re-exported, and on imported materials used to manufacture exported goods.
Capital Structure
The document discusses various methods of financing for businesses. It describes capital structure as the combination of debt and equity used to finance a company's assets. It then discusses three main methods of financing - equity financing, debt financing, and lease financing. Equity financing involves selling ownership stakes, debt financing involves taking loans that must be repaid with interest, and lease financing allows using assets without ownership through rental agreements.
Capital budgeting
Capital budgeting involves planning expenditures for long-term assets that provide returns over several years. It is an important process that requires evaluating projects carefully due to their large size, long-term implications, and irreversible nature. Key aspects of capital budgeting include identifying and evaluating investment proposals, determining which provide the highest expected rates of return, and preparing a capital expenditure budget. Various techniques can be used to evaluate projects, including payback period, accounting rate of return, net present value, internal rate of return, and risk-adjusted methods that account for uncertainty in projected cash flows.
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This document discusses security aspects and intellectual property rights related to data security. It covers fundamentals of data security like confidentiality, integrity and availability. It also discusses encryption, passwords, firewalls, antivirus software and monitoring as basic security standards. Precautions for data security like identity verification, unauthorized access prevention and data integrity are explained. Regulations around data security in India are also summarized.
Registration & ITC
- Input tax credit (ITC) allows businesses to claim a credit for taxes paid on inputs against the GST charged on their outputs. This avoids double taxation.
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Gst and its features
The passage discusses the history and implementation of the Goods and Services Tax (GST) in India. It outlines the long journey towards introducing GST, beginning in 2000 when the Vajpayee government proposed it. Key milestones are mentioned, such as the formation of the Empowered Committee of State Finance Ministers in 2003 and the introduction of the Constitution Amendment Bill in 2014. GST was finally launched on July 1, 2017 after years of debate and discussion between the central and state governments. The passage provides background on GST and explains some of its objectives like eliminating cascading taxes and increasing tax compliance.
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
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Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
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centuries, evolving its structure over time and space. In the present era, these changes have
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Scope of total income
- 1. Scope of Total Income Dr. NGPASC COIMBATORE | INDIA Dr. N.G.P. ARTS AND SCIENCE COLLEGE (An Autonomous Institution, Affiliated to Bharathiar University, Coimbatore) Approved by Government of Tamil Nadu and Accredited by NAAC with 'A' Grade (2nd Cycle) Dr. N.G.P.- Kalapatti Road, Coimbatore-641048, Tamil Nadu, India Web: www.drngpasc.ac.in | Email: info@drngpasc.ac.in | Phone: +91-422-2369100
- 2. Scope of Total Income Dr. NGPASC COIMBATORE | INDIA The residential status of the assessee the place of accrual or receipt of income, whether actual or deemed the point of time at which the income had accrued to or was received by or on behalf of the assessee Incidence of tax 3 Important Considerations
- 3. Dr. NGPASC COIMBATORE | INDIA Scope of Total Income Scope of total Income Resident and Ordinarily Resident (R) Resident but Not Ordinarily Resident (NOR) Non-Resident (NR) Income received or deemed to be received in India during the previous year Yes Yes Yes Income earned in India whether received, paid in India or outside India Yes Yes Yes
- 4. Dr. NGPASC COIMBATORE | INDIA Scope of Total Income Scope of total Income Resident and Ordinarily Resident (R) Resident but Not Ordinarily Resident (NOR) Non- Resident (NR) Income accruing or arising outside India during the previous year Yes, even if such income is not received or brought into India during the previous year No No Income is derived from a business controlled in or profession set up in India Yes Yes No Income is derived from a business controlled or profession set up outside India Yes No No
- 5. Dr. NGPASC COIMBATORE | INDIA Scope of Total Income Scope of total Income Resident and Ordinarily Resident (R) Resident but Not Ordinarily Resident (NOR) Non- Resident (NR) Past Untaxed Foreign income brought to India / Agricultural Income from India/ Share of Income From Indian partnership firm / Dividend from an Indian Company/ Gift from a relative No No No
- 6. Example 1 Dr. NGPASC COIMBATORE | INDIA From the following particulars of income furnished by Mr. Anirudh pertaining to the year ended 31.3.2020, compute the total income for the assessment year 2020-21, if he is: a) Resident and ordinary resident; b) Resident but not ordinarily resident; c) Non-resident
- 7. Dr. NGPASC COIMBATORE | INDIA PARTICULARS ` (a) Short term capital gains on sale of shares of an Indian Company received in Germany 15,000 (b) Dividend from a Japanese Company received in Japan 10,000 (c) Rent from property in London deposited in a bank in London, later on remitted to India through approved banking channels 75,000 (d) Dividend from RP Ltd., an Indian Company 6,000 (e) Agricultural income from land in Gujarat 25,000
- 8. 8