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Residential Status

Residential Status

BACKGROUND

As per section 6 of Income Tax Act, 1961, Residential status are been defined differently for different types of assessees. Following are the list to find out the residential status:-

INDIVIDUAL:- An individual is said to be resident for the relevant previous year if any of the following 2 conditions get fulfilled:-

  1. If he stays for a period of 182 days or more in the relevant previous year, or
  2. If in the relevant previous year he stays for 60 days or more AND 365 or more days in 4 previous past years before the relevant year

Note:- In case if such individual falls in any of the below condition then his residential status will be defined only by condition 1. :-

a) Being a citizen of India , he leaves India as a member of the crew of an Indian ship, or for the purposes of employment outside India

b) Being a citizen of India, or a person of Indian origin  comes on a visit to India

COMPANY:- A company is said to be resident in india, if

  • It is an Indian Company, or
  • its place of effective management, in that year, is in India

NOTE:- “Place of effective management” means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity are made.

HUF , FIRM or Other Association:- It is said to be resident in india if the control and management of its affair is situated wholly or partially in india.

Thus, on the basis of such residential status one can easily assess its Taxable income.

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