rohith
asked over 2 years ago
Hi May I know, Does the tax liability of an individual get affected due to his residential status? If yes, explain.
narahari
answered about 2 years ago
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
veeru
answered over 2 years ago
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.
CA Sandeep Bohra
answered over 2 years ago
> 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.
ARJUN PRATAP SINGH
answered over 2 years ago
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
