Residential status
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 October 2017
What is the importance of residential status? Without determining residential status total taxble iincome of any person can not be calculated?
K Srinivas, CMA CS
(Expert)
18 October 2017
Residential Status is an important aspect while calculating income tax. Since most of us have simple income, like salary earned /rental income/profits from business /income from bank deposits in India, there is no complexity and requirement to determine the residential status
K Srinivas, CMA CS
(Expert)
18 October 2017
. But for assessee with income from abroad, Assessee who lived for a part of the previous year, foreign national having income from India, residential status determination is important
Amol S Joglekar
(Expert)
18 October 2017
No problem in computing the total income without finding out the residential status.
But mind well residential status is important to determine the TAX LIABILITY
But mind well residential status is important to determine the TAX LIABILITY
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