According to Income Tax Act 1961, every person, who is an assesses and whose total income exceeds the maximum exemption limit, shall be chargeable to the income tax at the rate or rates prescribed in the finance act. Such income tax shall be paid on the total income of the previous year in the relevant assessment year.
The total income of an individual is determined on the basis of his residential status in India. It is determined on the basis of the physical presence of the individual as against nationality or domicile in India. It is determined for every previous year separately. A person may be a resident in one previous year and non¬resident in next year.
An individual may be resident, nonresident or not ordinarily resident.
a) Resident :
An individual is treated as resident in a year if present in India
i) for 182 days or more during the previous year
ii) for 60 days during the year and 365 days during the preceding four years (182 days in case of an Indian citizen or a person of Indian origin1 coming on a visit to India or in case of an Indian citizen going abroad as a member of the crew of an Indian ship or for employment).
Hindu Undivided Family or Firm or other Association of Persons is Resident of India in any previous year except where the control and management of its affairs is wholly situated outside India in that previous year.
Company is resident of India if
i) It is an Indian company
ii) During the previous year its control and management is Situated wholly in India.
more details consult us at http://www.raaas.com/contact.php
The total income of an individual is determined on the basis of his residential status in India. It is determined on the basis of the physical presence of the individual as against nationality or domicile in India. It is determined for every previous year separately. A person may be a resident in one previous year and non¬resident in next year.
An individual may be resident, nonresident or not ordinarily resident.
a) Resident :
An individual is treated as resident in a year if present in India
i) for 182 days or more during the previous year
ii) for 60 days during the year and 365 days during the preceding four years (182 days in case of an Indian citizen or a person of Indian origin1 coming on a visit to India or in case of an Indian citizen going abroad as a member of the crew of an Indian ship or for employment).
Hindu Undivided Family or Firm or other Association of Persons is Resident of India in any previous year except where the control and management of its affairs is wholly situated outside India in that previous year.
Company is resident of India if
i) It is an Indian company
ii) During the previous year its control and management is Situated wholly in India.
more details consult us at http://www.raaas.com/contact.php
