What resulr will be occured for sattisfied the basic conditions of residential status of an assessee?
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The residential status of an assessee is determined on the basis of tenure of his stay in India during the Financial Year. There are 3 types of Residential status for an Individual as explained below.
A] Resident:- Person shall be treated as ‘Resident’, if he satisfies any of the following basic conditions:-
Basic conditions-
If a person is in India for at least 182 days during the Financial Year ORIf a person is in India for at least 60 days during the Financial Year andfor at least 365 days during the last 4 Financial Years.
Resident Individuals are further sub-divided into following 2 categories :
a) Ordinary Resident:-Person shall be treated as ‘Ordinary Resident’, if he satisfies both the additional conditions.
Additional conditions-
If a person is resident of India for any 2 out of last 10 Financial Years ANDIf a person is in India for at least 730 days during the last 7 Financial Years.
b) Not Ordinary Resident:- If any of the additional conditions specified above are not satisfied then that person is treated as ‘Not Ordinary Resident’ for that Financial Year.
B] Non-Resident:- If none of the basic conditions are satisfied then person is treated as ‘Non-Resident’ for that Financial Year.
Taxability of Income in India as per Residential Status-
A] Resident:- Person shall be treated as ‘Resident’, if he satisfies any of the following basic conditions:-
Basic conditions-
If a person is in India for at least 182 days during the Financial Year ORIf a person is in India for at least 60 days during the Financial Year andfor at least 365 days during the last 4 Financial Years.
Resident Individuals are further sub-divided into following 2 categories :
a) Ordinary Resident:-Person shall be treated as ‘Ordinary Resident’, if he satisfies both the additional conditions.
Additional conditions-
If a person is resident of India for any 2 out of last 10 Financial Years ANDIf a person is in India for at least 730 days during the last 7 Financial Years.
b) Not Ordinary Resident:- If any of the additional conditions specified above are not satisfied then that person is treated as ‘Not Ordinary Resident’ for that Financial Year.
B] Non-Resident:- If none of the basic conditions are satisfied then person is treated as ‘Non-Resident’ for that Financial Year.
Taxability of Income in India as per Residential Status-
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