Deprecated: Unparenthesized `a ? b : c ? d : e` is deprecated. Use either `(a ? b : c) ? d : e` or `a ? b : (c ? d : e)` in /homepages/44/d793335463/htdocs/pro/wp-content/themes/kleo/kleo-framework/lib/function-core.php on line 570

Notice: fwrite(): write of 13 bytes failed with errno=122 Disk quota exceeded in /homepages/44/d793335463/htdocs/pro/wp-content/plugins/wp-file-manager/file_folder_manager.php on line 62

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /homepages/44/d793335463/htdocs/pro/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /homepages/44/d793335463/htdocs/pro/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /homepages/44/d793335463/htdocs/pro/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /homepages/44/d793335463/htdocs/pro/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /homepages/44/d793335463/htdocs/pro/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /homepages/44/d793335463/htdocs/pro/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230
Residential Status for Income Tax | Company Vakil

The residential status of an individual is the basis for his/her income tax liability. It is important for the taxpayer to state his/her residential status while filing income tax return. According to the Income Tax Act, the taxpayers are categorized into –

  • Resident and ordinarily resident.
  • Resident but not ordinarily resident.
  • Non-resident.

Residential status – Individual taxpayers

Resident and ordinarily resident or Ordinary resident

An ordinary resident in India is the one fulfilling the following conditions:

  • The individual must be residing in India for 182 days or more in that particular year.
  • The individual must be residing In India for about 365 days in the previous four years of that particular year or for 60 days or more in that year.

If the individual leaves India for employment purpose during an FY, he has to stay for 182 days or more in India for his consideration as a resident and the above mentioned second point would not applicable in this case.

Resident but not ordinarily resident

An individual is not ordinarily resident if the following conditions are fulfilled:

  • The individual must be a non-resident in nine out of ten previous years of that particular year in India.
  • The individual have stayed in India for less than 730 days in the previous seven years of that year.

Non-Resident

If the individual does not fulfill the criteria mentioned in Resident and Ordinarily resident is a Non-resident.

For more articles, visit Company Vakil.

 

 

©2022 CV Legal Tech Services LLP. All Rights Reserved

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

Log in with your credentials

or    

Forgot your details?

Create Account