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Taxation basics

Taxation basics

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Published by priyani
it includes what are the conditions include in assessing whether person is resident or not in the eyes of income tax authority.
it includes what are the conditions include in assessing whether person is resident or not in the eyes of income tax authority.

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Categories:Types, Business/Law
Published by: priyani on Mar 05, 2010
Copyright:Attribution Non-commercial

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10/11/2012

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Presentation onresidential status & its incidenceon tax liability
 
Residential status of an individual (sec.6)
An individual may be :
1.
Resident and ordinarily resident (R)
2.
Resident but not ordinarily resident(NOR)
3.
Non-resident (NRI)
 
CONDITIONS
 
BASIC conditions (sec.6 (1)) :
An individual is said to be resident, if he satisfies at leastone of the following conditions:
He is in India in the previous year for a period of 182 days or more.
He is in India for a period of 60 days or more during the previous yearand 365 days or more during 4 years immediately preceding theprevious year.
 Exception
: assessment year 1990-91 onwards
 – 
an Indiancitizen who leaves india during the previous year for the purpose of employment outside india or an indian citizen who leaves as amember of the crew of an Indian ship
 – 
182 DAYS. (Only a personof indian origin can take the benefit of this exception )

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