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 Income Tax Act, 1961, classifies individuals based on their residential status for tax purposes, as this status determines the scope of income chargeable to tax in India. An individual can be a Resident, Not Ordinarily Resident (NOR), or Non-Resident (NR), and the provisions of the Income Tax Act differ accordingly. Residential status is determined under Section 6 of the Act, considering the number of days an individual is present in India during the relevant previous year and preceding years. A Resident is an individual who satisfies either of the two basic conditions: he is in India for 182 days or more during the relevant previous year, or he is in India for 60 days or more in the previous year and 365 days or more during the four preceding years. A Resident is further classified as “Ordinarily Resident” or “Not Ordinarily Resident.” A Resident who
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