RESIDENTIAL STATUS AND INCOME TAX RESIDENT NR NOR

Posted: 23 Jan 2011 06:44 PM PST

The Income Tax Act, 1961 governs the taxation of income in India. Income tax is charged on total income for a given financial year. The financial year runs from 1 April to 31 March of the following year. Residential status The residential status of an individual for income-tax purposes depends on the physical stay of the individual in India. Based on the period of stay in India in a given...

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