Calculate the gross total income of Krishna after ascertaining his residential status for the assessment year 2024-2025.
Understand the Problem
The question is asking to determine the gross total income of Krishna for the assessment year 2024-2025, taking into account various sources of income and his residential status after returning to India from Japan.
Answer
Krishna's gross total income requires his residential status and income aggregation.
To calculate Krishna's gross total income for the assessment year 2024-2025, his residential status must first be determined using criteria from the Income Tax Act, such as duration of stay in India. Then, aggregate all income sources before deducting applicable deductions.
Answer for screen readers
To calculate Krishna's gross total income for the assessment year 2024-2025, his residential status must first be determined using criteria from the Income Tax Act, such as duration of stay in India. Then, aggregate all income sources before deducting applicable deductions.
More Information
Understanding the residential status is crucial because it affects tax liability and applicable deductions. Different rules apply for residents, non-residents, and not ordinarily residents.
Tips
A common mistake is not correctly applying the residential status criteria, which can lead to incorrect calculation of tax implications.
Sources
- Residential Status Under Section 6 Of Income Tax Act - ClearTax - cleartax.in
- COMPUTATION OF TOTAL INCOME AND TAX LIABILITY - cakishankumar.com
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