Question

Residential status is to be determined for:

(a) Previous year

(b) Assessment year

(c) Accounting year

(d) Financial year​

Answer 1

answer:

financial year

explain :

Shalini Jain, Tax Partner, People Advisory Services, EY India says, "Any income earned by a taxpayer from sources in India or received in India (first receipt) is taxable in India. While this is the generally known principle, another critical factor that determines the scope of taxability (and therefore, determines the total income) of an individual taxpayer is the residential status of the taxpayer during the financial year."

Answer 2

Answer:

d) Financial year

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