Question

the income tax liability of any assessee is dependent on his residential status which is determined in accordance with section 6 of income tax act, 1961 and it is required to be declared in his income tax return. categories of residential status of taxpayers under income tax act are:

Answer 1

Income Tax Calculation. Every income that your receive should form part of your income tax return. Of course, the law does provide for exemption of certain incomes eg. dividend incomefrom an Indian company, LTCG on listed equity shares upto Rs 1 lakh in any financial year etc.