Question
Explain the provisions of Income Tax Act for an individual, if he is a a) Resident b) Not Ordinarily Resident c) Non-Resident.
Answer :
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The residential status of an individual is a key determinant of his tax liability under the Income Tax Act, 1961. The Act provides a framework that classifies individuals into three categories—Resident, Not Ordinarily Resident (NOR), and Non-Resident—based on the number of days they stay in India and their past residential history. The scope of total income chargeable to tax depends on which category an individual falls under. An individual is treated as a Resident in India if he satisfies either of the following conditions in a financial year: he is in India for 182 days or more, or he is in India for 60 days or more during that year and has been in India for 365 days or more during the four preceding years. However, for
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