Residential Status and Taxation in India

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What is the minimum number of days an individual must stay in India during the financial year to be considered a resident?

100 days

200 days

182 days (correct)

150 days

For an individual living abroad but visiting India frequently, how many days should they stay in India during the financial year to be considered a resident?

150 days

200 days

180 days

182 days (correct)

In addition to the days stayed in India, what is another condition for an individual to be considered a resident if they earn more than ₹15,00,000?

Not liable for income tax payments in any other country (correct)

Being a resident of multiple countries

Having a foreign passport

Owning property in India

What income threshold must be met for deemed residency in India?

₹15,00,000 Signup and view all the answers

In addition to the income earned, what else can lead to being classified as a deemed resident of India?

Not being liable for income tax payments in any other country Signup and view all the answers

Who should differentiate between being a Resident Not Ordinary Resident (RNOR) and an ordinary resident?

Individuals fulfilling residency status Signup and view all the answers

What are the different categories of residential statuses in India for taxation purposes?

Resident, Resident not Ordinarily Resident (RNOR), Non-Resident (NR) Signup and view all the answers

How is an individual classified as an Indian Resident for tax purposes?

By staying in India for at least 182 days in the particular financial year Signup and view all the answers

In the context of tax residency, what is the significance of staying in India for at least 60 days in the relevant financial year?

It determines if an individual is a resident or non-resident based on certain criteria Signup and view all the answers

Which category does an Indian citizen who leaves the country for employment purposes fall under in terms of residential status?

Resident Signup and view all the answers

What conditions must be fulfilled for an individual to be considered an Indian Resident?

Stayed in India for at least 182 days in the particular financial year Signup and view all the answers

What is the purpose of determining residential status and incidence of tax for a financial year?

To determine who qualifies for tax exemptions and deductions Signup and view all the answers

What is the criteria for an individual to be considered as Resident and Ordinarily Resident (ROR) for tax purposes?

Reside in India for at least 2 out of the immediate previous 10 years Signup and view all the answers

What is the residential status of an individual who has resided in India for 600 days in the immediate previous year?

Resident but Not Ordinarily Resident (RNOR) Signup and view all the answers

Under what conditions is an individual classified as Non-Resident (NR) for tax purposes?

Doesn't fulfill the conditions for being a resident or resident not ordinarily resident Signup and view all the answers

Which type of income is taxable for a Resident and Ordinarily Resident (ROR)?

Income received or deemed to be received in India whether earned in India or elsewhere Signup and view all the answers

If an individual earns income which accrues or arises outside India and is received outside India from any other source, which residential status category would apply?

Resident but Not Ordinarily Resident (RNOR) Signup and view all the answers

Is a taxpayer who doesn't fulfill the conditions to be classified as a Resident or Resident Not Ordinarily Resident considered as:

Non-Resident (NR) Signup and view all the answers