The income earned during the previous year is subject to tax under the Act on the basis of the residential status of an assessee. However, the residential status of an assessee ___________every year.
A person is deemed to be of Indian origin if he, or either of his parents or any of his grandparents, was born in ____________
Following additional conditions are to be satisfied by a person to be resident and ordinarily resident in India:
Mr Deep Gyan, born and brought up in India left for employment in USA on 15.10.2021 He has never gone out of India, previously. What is his residential status for the Assessment Year 2022-23?
Deep Gyan left India on 10th August 2021 for the treatment of his wife. For income- tax purpose, his residential status for the AY 2022-23 will be:
Mr Aallu born and brought up in India since 1972, left for Singapore on 10.10.2021 for the purpose of employment. His residential status for AY 2022-23 would be :
Mr. Babu is a foreign citizen born in the USA. His father was born in Delhi in 1961 and his grandfather was born in Lahore in 1936 but his mother was born in the UK in 1964. Babu came to India for the first time on 1st June 2021 and stayed in India for 183 days and then left for the USA. His residential status for the AY 2022-2023 shall be:
If Karta is resident and ordinarily resident in India but control and management of HUF are situated partly outside India in the previous year, the HUF is:
HUF of Deep Gyan consisting of himself, his wife and 2 sons are assessed to income-tax. The residential status of HUF would be non-resident, when:
Mr Aallu (age 50) is Karta of HUF doing the textile business at Delhi. Mr Aallu is residing in USA for the past 10 years and visited India for 20 days every year for filing the income tax return of HUF. His two major sons take care of the day to day affairs of the business in India. The residential status of HUF is:
The residential status of an Indian company is “resident in India”
A company incorporated outside India having its place of effective management situated in India in the previous year will be treated as:
Deep Gyan Ltd. is an Indian company. It carries its business in Delhi and London. Total control and management of the company is situated in London. More than 85% of its business income is from the business in England. If so, its residential status will be:
Which out of the following criteria determines the Place of Effective Management (POEM) in order to treat a foreign company as a resident in India (resident company) during the previous year as per guidelines issued by CBDT and the provisions contained under the Income-tax Act, 1961
Central Board of Direct Taxes (CBDT) vide Circular No. 8 of 2017, dated 23rd February 2017 has clarified that the Place of Effective Management (POEM) provisions shall not apply to a company having turnover or gross receipts in a financial year of