Search Results for: Residential Status

Residential Status of an Individual & HUF [Section 6(1)]

The total income is different in case of a person resident in India and a person non-resident in India. Further, in case of an individual being “not ordinarily resident in India”, the meaning of total income shall be slightly different. Since the total income of an assessee varies according to […]

Residential Status of an Assessee

1. Need to determine Residential Status of an Assessee? The total income is different in case of a person resident in India and a person non-resident in India. Further, in case of an individual and HUF being “not ordinarily resident in India”, the meaning of total income shall be slightly […]

‘Residential Status’-Amendment in Finance Bill 2020

ype of Assessee Conditions for Assessment year 2020-21 Conditions for Assessment Year 2021-22 Residential Individual The condition of Stay in India for ’60 days’ is substituted by ‘182 days’ for certain class of Individuals (i.e. Indian Citizens, etc.) The condition of Stay in India for ’60 days’ is substituted by […]

Assessment of Individual with Computation of Tax Liability

1. Assessment of Individual An individual means a natural person i.e. human being. Individual includes a male, female, minor child and a lunatic or an idiot. In the case of male/female who is a major, income-tax will be levied on his/her Total Taxable Income separately, unless the income is to […]

Income Deemed to be Received In India (Section 7)

1. Income Received in India : Any income which is received in India, during the previous year by any assessee, is liable to tax in India, irrespective of the residential status of the assessee and the place of accrual of such income . Receipts means the first receipt: The receipt […]

Tax Amendment in Finance Bill 2020 (Sectionwise)

Sr.No. SectionNo. ApplicableFrom Description 1. Section 2(13A) Assessment Year 202 1-22 No requirement of listing of units of business trust on stock exchange 2. Section 2(42A) Assessment Year 2020-21 Rationalization of provisions in respect of segregated portfolios of MF’s 3.  Section 6 Assessment Year 2021-22 Rationalisation of provisions relating to […]

Assessment of Search, Seizure and Survey of Business or Charitable Trust

1. Assessment of Search and Seizure – Section 132 under Income Tax Act. (A) Authority who can issue order for Search and Seizure: Search and seizure can be authorised by— the Principal Director General of Income Tax/Director General of Income Tax, or the Principal Director of Income Tax/Director of Income […]

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