RESIDENTIAL STATUS
18 important questions on RESIDENTIAL STATUS
What is necessary to determine the total income of an assessee?
How often should residential status be determined?
What is the residential status of an Indian company?
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What is considered income deemed to be accrued or arise in India?
- Dividend paid by Indian company outside India.
- Salary received by Indian citizen from Indian government for service rendered outside India. Perquisite & allowance are exempt.
- Salary income for service rendered in India, whether received before or after the service. E.g.: Gratuity, Pension.
- Income of non-resident from business connection in India.
How is the residential status of HUF determined?
What are the basic conditions for determining the residential status of an individual?
- Stay in India for 182 days or more in PY (or)
- Stay in India for 60 days or more in PY and 365 days or more in last 4 PYs.
How is the taxability of income for individuals and HUFs categorized?
- Indian Income: Taxable for R&OR, R&NOR, NR.
- Foreign Income:
- Income from business/profession controlled from India: Taxable for R&OR, R&NOR, not for NR.
- Other foreign income: Taxable for R&OR, not for R&NOR, NR.
What are the basic conditions for an Indian citizen or PIO visiting India?
What are the additional conditions for residential status?
- Resident in India for 2 PYs or more in last 10 years (and)
- Stay in India for 730 days or more in last 7 PYs.
What is the scope of total income for Indian and foreign income?
What happens if an individual satisfies one basic condition?
What is deemed resident status?
What should be checked if an individual becomes ROR?
What income is deemed to be received in India?
- Employer contribution in excess of 12% in RPF or interest credited in excess of 9.5% in RPF.
- Employer contribution to National Pension Scheme.
- Amount transfer from URPF to RPF.
What is the exception to the second basic condition?
What is the note regarding a person of Indian origin?
What is the important note regarding Indian citizens with foreign income?
How is an individual treated if they satisfy the second basic condition but not the first?
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