Residential Status Chapter In Single Video | CA Intermediate Taxation Chapter no 2 | Chandan Poddar

In This Video We Will Discuss Residential Status All Concepts, Problems and Examples For CA Intermediate Taxation Chapter no 2 has been Discussed By Chandan Poddar Sir For CA Intermediate Grooming Education.

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Topics Covered:-
The basic condition for the individual
Additional conditions for individual
Special points related to residentship of individual
Exceptions in case of individual
Residental status of HUF
Residental status of other person
Impact of residental status
Business connection
Special points
Taxability of Person of Indian origin and Indian citizen
Concept of deemed resident
Deemed resident status of OR and NOR

1. Meaning and importance of residential status
The taxability of an individual in India depends upon his residential status in India for any particular financial year. The term residential status has been coined under the income tax laws of India and must not be confused with an individual’s citizenship in India. An individual may be a citizen of India but may end up being a non-resident for a particular year. Similarly, a foreign citizen may end up being a resident of India for income tax purposes for a particular year. Also to note that the residential status of different types of persons viz an individual, a firm, a company etc is determined differently. In this article, we have discussed about how the residential status of an individual taxpayer can be determined for any particular financial year
2. How to determine residential status?
For the purpose of income tax in India, the income tax laws in India classifies taxable persons as:
a. A resident

b. A resident not ordinarily resident (RNOR)

c. A non-resident (NR)

The taxability differs for each of the above categories of taxpayers. Before we get into taxability, let us first understand how a taxpayer becomes a resident, an RNOR or an NR.
Resident
A taxpayer would qualify as a resident of India if he satisfies one of the following 2 conditions :
1. Stay in India for a year is 182 days or more or
2. Stay in India for the immediately 4 preceding years is 365 days or more and 60 days or more in the relevant financial year

Non-resident
An individual satisfying neither of the conditions stated in (a) or (b) above would be an NR for the year.
3. Taxability
Resident: A resident will be charged to tax in India on his global income i.e. income earned in India as well as income earned outside India. NR and RNOR: Their tax liability in India is restricted to the income they earn in India. They need not pay any tax in India on their foreign income. Also note that in a case of double taxation of income where the same income is getting taxed in India as well as abroad, one may resort to the Double Taxation Avoidance Agreement (DTAA) that India would have entered into with the other country in order to eliminate the possibility of paying taxes twice.
To check your residential status

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