Residential status of Individuals- Resident and ordinarily resident/Resident but not ordinarily resident
Individuals can be resident but not ordinarily resident in India.
A not-ordinarily resident person is one who satisfies any one of the conditions specified under section 6(6).
(i) If such individual has been non-resident in India in any 9 out of the 10 previous years preceding the relevant previous year, or
(ii) If such individual has during the 7 previous years preceding the relevant previous year been in India for a period of 729 days or less.
OR
In simpler terms, an individual is said to be a resident and ordinarily resident if he satisfies both the following conditions:
(i) He is a resident in any 2 out of the last 10 years preceding the relevant previous year, and
(ii) His total stay in India in the last 7 years preceding the relevant previous year is 730 days or more.
If the individual satisfies both the conditions mentioned above, he is a resident and ordinarily resident but if only one or none of the conditions are satisfied, the individual is a resident but not ordinarily resident.
Tag:11 commerce, 11th commerce, 12 commerce, 12th commerce, ASSESSMENT YEAR, Barnard-Simon Theory, Barnard-Simon Theory of Organizational Equilibrium, bba, bcom, ca, ca cpt, ca final, ca inter, commerce, commerce achiever, commerce optional, cs, cs final, cs inter, direct tax, Income earned in a previous year gets taxed in its assessment year - Exception, income tax, mba, mcom, Organization Equilibrium, PREVIOUS YEAR, PREVIOUS YEAR AND ASSESSMENT YEAR, Resident and ordinarily resident, Resident but not ordinarily resident, Residential Status, Residential status of Individuals, Residential status of Individuals Resident and ordinarily resident/Resident but not ordinarily resident, tax, Theory of Organizational Equilibrium, ugc net, ugc net commerce, ugc net commerce optional, upsc commerce optional, upsc commerce optional paper, upsc commerce optional previous year paper, upsc commerce optional syllabus, upsc optional
You may also like
UPSC MAINS 2020 -Commerce Optional Paper-1
Unexplained expenditure – Income Tax
