Question

1. Residential Status of an assesses can be

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Answer 1

Answer:

really don't know if this is helpful!

Explanation:

Residential status is a term coined under Income Tax Act and has nothing to do with nationality or domicile of a person. ... The residential status of different types of persons is determined differently. Similarly, the residential status of the assessee is to be determined each year with reference to the “previous year”.

Answer 2

Answer:

Residential standing refers to a person’s standing with relevance the question of however long the person has stayed in Asian nation for the past 5 years. The revenue enhancement liability of a remuneration is predicated on the residential standing within the fiscal year, and 4 years preceding the fiscal year. Also, whereas filing revenue enhancement returns, the remuneration should declare the applicable residential standing within the income tax return. Underneath the revenue enhancement Act, taxpayers square measure divided into 3 classes of residential standing, namely:

• Resident however not commonly resident.
• Ordinarily resident.
• Non-resident.

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