Hi May I know, Does the tax liability of an individual get affected due to his residential status? If yes, explain.
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Yes, tax liability of an individual does gets affected due to his residential status as per Section % of the Income Tax Act 1961 and is also dependent on place and time of accrual or receipt of income. You must understand the difference between Indian income and Foreign income as
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Yes, tax liability of an individual does gets affected due to his residential status as per Section % of the Income Tax Act 1961 and is also dependent on place and time of accrual or receipt of income. You must understand the difference between Indian income and Foreign income as
Indian income is always taxable in India in accordance with the residential status of the taxpayer.
> Tax liability of an individual get affected due to his residential status
--The answer is in affirmative
--Yes, tax liability of an individual does gets affected due to his residential status as per Section % of the Income Tax Act 1961 and is also dependent on place and time of accrual or receipt of income. You must understand the difference between Indian income and Foreign income as
Indian income is always taxable in India in accordance with the residential status of the taxpayer.
**Indian income is categorized as:**
Income received or deemed to be received in India during previous year and simultaneously accrual income or deemed accrual in India during previous year.
Income received or deemed to be received in India during the previous year but it accrues outside India during the previous year, or Income received outside India during the previous year but accrues in India during the previous year.
Dear Friend,
as far as your query is concerned that Does the tax liability of an individual get affected due to his residential status? If yes, explain.
Let me informed that Yes, tax liability of an individual does gets affected due to his residential status as per Section % of the Income Tax Act 1961 and is also dependent on place and time of accrual or receipt of income. You must understand the difference between Indian income and Foreign income as
Indian income is always taxable in India in accordance with the residential status of the taxpayer.
Indian income is categorized as:
Income received or deemed to be received in India during previous year and simultaneously accrual income or deemed accrual in India during previous year.
Income received or deemed to be received in India during the previous year but it accrues outside India during the previous year, or Income received outside India during the previous year but accrues in India during the previous year.
Hope answer was helpful to you
Regards,
Arjun Pratap Singh