Explain Basic Condition for Ordinary Residential of India
Question
Explain Basic Condition for Ordinary Residential of India
Solution
The basic conditions for an individual to be considered as an Ordinary Resident of India are as follows:
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Residency: The first and foremost condition is that the individual must be residing in India. The individual should have spent at least 182 days of a financial year in India to be considered as a resident.
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Duration of Stay: The individual should have stayed in India for a period of 60 days or more in the previous year and 365 days or more during the four years prior to the previous year.
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Citizenship: The individual should be a citizen of India or a person of Indian origin. If the individual is not a citizen of India, they should have come to India with the intention of permanently settling in the country.
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Tax Status: The individual should be liable to pay tax in India. The income earned by the individual in India should be taxable under the Income Tax Act, 1961.
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Intention to Stay: The individual should have the intention to stay in India for an uncertain period. If the individual is in India for a specific purpose with a definite duration, they may not be considered as an ordinary resident.
Please note that these conditions are subject to change as per the regulations of the Government of India. It is always advisable to check the latest rules and regulations.
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