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Asked on April 11, 2021, 11:19 p.m.
Answered on April 6, 2023, 8:56 a.m.
0 Upvote | 168 View | 1 Reply | Asked to: EveryOneX leaves India for the first time on 30/11/2022. Though he was born in India in 1990, his mother was born in Karachi in 1960 and his grandmother was born in the UK in 1930. Determine X's residential status for the assessment year 2022-23.
X is resident and ordinarily resident in India.The Income Tax Act, 1961, determines an individual's residential status for a financial year by counting the number of days the individual is physically present in India during that year and in the preceding years.The Act considers an individual as a resident of India if he satisfies any of these following conditions:The individual is present in India for 182 days or more during the relevant financial year orThe individual is present in India for 60 days or more during the financial year and 365 days or more during the four financial years immediately preceding the relevant financial year.Since X is leaving India for the first time on 30/11/2022, X will be present in India for over 182 days during the financial year 2022-23. Therefore, X is satisfying condition number 1 thus X IS RESIDENT IN INDIA for assessment year 2023-24.Wait... there's more to it. Act classifies residents into 2 categories: 1. Ordinarily resident and 2. Not ordinarily resident. Act classifies a resident as ordinarily resident if the individual satisfies these 2 conditions.The Individual has been a resident in India in at least two out of the ten previous years immediately preceding the relevant financial year and The Individual's total stay in India during the seven years preceding the relevant financial year is 730 days or more, Now because X never left India so he (she) is satisfying both the conditions so X is a resident and ordinarily resident of India.Had X not met both the above conditions, then he(she) will be a resident but not ordinarily resident of India.
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Asked on Jan. 18, 2021, 4:52 p.m.
Answered on April 6, 2023, 9:04 a.m.
0 Upvote | 178 View | 1 Reply | Asked to: EverybodyWhat should I write under Last Name if I use only one name?
You should prefer leaving the last name blank, if it isn't mandatory to write. In case it's mandatory then try writing a period (.) or hyphen (-). In most cases, special characters are allowed. If special characters are disallowed then you may write LNU (viz "Last name unknown"). If you yourself want to write something then you may consider using your father's or mother's last name as your last name or using a common family name in your culture or community as your last name. Alternatively, you can use your first name as your last name, but this may cause confusion in some contexts.
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Asked on Sept. 19, 2019, 6:30 p.m.
Answered on Sept. 19, 2019, 6:33 p.m.
2 Upvote | 308 View | 1 Reply | Asked to: All ExpertsWith in how many days should a CA generate UDIN after signing the audit report of a private limited company?
30 days
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Asked on Sept. 19, 2019, 4:30 p.m.
Answered on Sept. 19, 2019, 5:17 p.m.
1 Upvote | 223 View | 1 Reply | Asked to: All GroupPlease explain me the procedure of e assessment.
Please view an article on e-assessment here.
