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  • Types of Income: Incidence of Tax For Different Residential Status

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    sadathnoori
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    The document discusses the types of income that are taxed for different residential statuses in India. There are 10 types of income listed, including income earned in India or received in India, income from a business controlled in India but earned and received abroad, gifts, dividends, and past untaxed profits brought into India. A table then shows whether each type of income is taxed or not for taxpayers with ordinary resident, non-ordinary resident, and non-resident statuses.

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    Types of income

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    The document discusses the types of income that are taxed for different residential statuses in India. There are 10 types of income listed, including income earned in India or received in India, income from a business controlled in India but earned and received abroad, gifts, dividends, and past untaxed profits brought into India. A table then shows whether each type of income is taxed or not for taxpayers with ordinary resident, non-ordinary resident, and non-resident statuses.

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    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    8 views1 page

    Types of Income: Incidence of Tax For Different Residential Status

    Uploaded by

    sadathnoori
    The document discusses the types of income that are taxed for different residential statuses in India. There are 10 types of income listed, including income earned in India or received in India, income from a business controlled in India but earned and received abroad, gifts, dividends, and past untaxed profits brought into India. A table then shows whether each type of income is taxed or not for taxpayers with ordinary resident, non-ordinary resident, and non-resident statuses.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Incidence of Tax for different residential status:

    Types of income
    1. Income earned in india whether it is received in india or outside india 2. Income received in india whether it is earned in india or outside india 3. Income earned and received outside india from a business or profession which is controlled from india 4. Income earned and received outside india from other source other than business or profession Not controlled from india 5. Past untaxed profits brought into india during the previous year. 6. Gifts received from a relative (No maximum limit) 7. Gifts received from non-relative in india exceeding Rs.50,000 (The whole of the sum shall be taxed and not the difference) 8. Dividend from Indian company 9. Dividend from co-operative societies 10. Dividend received from foreign company received in india

    Not Ordinary ordinarily resident resident (OR) (NOR)


    Tax Tax Tax Tax Tax Tax

    Non Resident (NR)


    Tax Tax No Tax

    Tax No Tax
    No Tax

    No Tax No Tax
    No Tax

    No Tax No Tax
    No Tax

    Tax
    No Tax

    Tax
    No Tax

    Tax
    No Tax

    Tax Tax

    Tax Tax

    Tax Tax

    MOHAMED SADATH,

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