Residential Status

🎓 Master the Intricacies of Residential Status and Tax Liability with Dr. Mohd Saifi Anwar's Expert Course!

Introduction to Residential Status

Understanding your residential status is crucial for determining your tax liabilities, and this course demystifies the complex laws surrounding it. With a focus on Indian tax regulations, we delve into the nuances that define an individual's or an entity's residency for tax purposes.

Course Contents:

• How to be an Indian Citizen: Learn about acquiring citizenship by birth or by agreement.
• Taxable Income Determination: Discover how your residential status influences whether your income is taxable in India.
• Residential Status is Yearly and Independent: Each previous year is considered separately for residency determination.
• Citizenship vs Residential Status: Understand the difference between these two crucial concepts.

Residential Status of an Individual (Section 6)

Basic Conditions:

1. Individual Staying More Than 182 Days: If you've stayed in India for 182 days or more during the relevant previous year, you're likely to be considered a resident.

2. Individual Staying Between 60-182 Days and Residency Over 4 Years: If your stay is between 60 and 182 days in one year and 365 days or more over four preceding years, you're also considered a resident.

Additional Condition (Section 6(6)):

• Must have been a resident in India for at least two out of ten previous years immediately preceding the relevant previous year.
• Must have been physically present in India for 730 days or more during seven years immediately preceding the relevant previous year.

Types of Residency for Individuals:

1. Ordinarily Resident (OR): An individual who meets both basic and additional conditions.
2. Not Ordinarily Resident (NOR): An individual who meets only one of the basic conditions but not the additional condition(s).
3. Non-Resident (NR): An individual who does not meet any of the basic conditions.

Residential Status of HUF

• Resident in India: If the "Karta" (the senior most member) satisfies the residential criteria.
• Ordinarily Resident or Not Ordinarily Resident in India: Depending on whether the "Karta" meets the additional conditions.
• Non-Resident in India: If the control and management of HUF's affairs are outside India.

Residential Status of Firms, Local Authorities, AOP, BOI, and AJP

• Resident or Non-Resident Based on Control and Management of Affairs: Within or outside India during the relevant previous year.

Residential Status of Company

• Indian Company: Always considered a resident in India.
• Foreign Company: Depending on whether its control and management are within or outside India.

Types of Companies:

• Incidence of Tax According to Residential Status (Section 5): Learn how tax liability is determined for Indian and Foreign companies based on their residential status.

Join this comprehensive course to gain a thorough understanding of the legal aspects that govern your residency and tax liabilities in India. Whether you're an individual, part of an HUF, a firm, or represent a company, this course will equip you with the knowledge to navigate the complexities of the Indian tax system confidently.

📚 Enroll Now and Secure Your Understanding of Residential Status for Tax Purposes! 🚀