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

K Srinivas, CMA CS (Expert)
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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

K Srinivas, CMA CS (Expert)
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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

Amol S Joglekar (Expert)
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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