Residential Status of Companies An Indian company will always be Resident in India. A company would be resident in India in any previous year, if- it is an Indian company; or its place of effective management, in that year, is in India. What do you mean by Place of Effective Management (POEM)? This means a […]
Residential Status of Firm/ AOP/ BOI After studying “Residential Status of HUF”, now we will see the residential status of the Firm/ Association of Persons (AOP)/ Body of Individuals (BOI). So let’s start… When Firm/ AOP/ BOI becomes Resident? Residential Status of Firm/ AOP/ BOI A Firm/ AOP/ BOI would be resident in India if […]
Residential Status of HUF Only individuals and HUF can be resident but not ordinarily resident in India. When HUF becomes Resident? If the Control and Management of its affairs are situated wholly or partly in India, then HUF is said to be resident in India. When HUF becomes Non- Resident? If the control and management […]
Determine Resident and Ordinarily Resident/ Resident but Not Ordinarily Resident To determine the Residential Status of Individual first we have to: 1.Check whether he is resident or Non- Resident ( For determining whether an individual is resident or non – resident read this) 2. If he is resident then we need to further check whether […]
The liability to pay tax on any person depends upon his residential status under the Income Tax Act, 1961. For determining the residential status, the taxpayers are classified into three broad categories:- Resident and Ordinarily Resident [ROR] Resident but not Ordinarily Resident [RNOR] Non- Resident [NR] Let us study Residential Status of Individual As per […]