GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Residential status to be determined for :
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Previous year
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Accounting year
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Assessment yea
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None of these
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Explanation:
Detailed explanation-1: -A taxpayer would qualify as a resident of India if he satisfies one of the following 2 basic conditions: Stay in India for a year is 182 days or more or. Stay in India for the immediately 4 preceding years is 365 days or more and 60 days or more in the relevant financial year.
Detailed explanation-2: -(A person of Indian origin is one in whose case either of his parents or any of his grandparents, was born in undivided India). Thus, the residential status of an individual generally depends on his physical presence or period of stay in India and not on his nationality or domicile.
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