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Basic Concept of Income Tax, RESIDENTIAL STATUS [SECTION 6] - Coggle…
Basic Concept of Income Tax
INTRODUCTION
Corporation Tax
Income Tax
Finance Act
Income Tax Rules
Notifications
Circulars
Judicial Decisions
FINANCE BILL
Annual Financial Statement
Article 110 (1)(a)
Umbrella Act
notification in the official gazette
DETERMINING CATEGORY OF PERSON
PERSON [SECTION 2(31)]
Individual
HUF
Mitakshara
Whole India except WB nd Assam
Dayabhaga
for WB and Assam
Companies
Section 2(17)
Indian
Foreign
Firms
Section 4 of the Partnership Act, 1932
Limited Liability Partnership Act,2008
AoP
BOI
Local Authorities
Every Artificial Judicial Person
ASSESSEE [SECTION 2(7)]
Whom Tax is payable
ASSESSMENT YEAR [SECTION 2(9)]
PREVIOUS YEAR [SECTION 3]
INCOME [SECTION 2(24)]
Profit & Gains
Dividend
Voluntary Contributions
Value of any prequisite or profit
Special Allow.
DA
Benefit to a Director
Benefit to representative
sum chargeable under section 28, 41 and 59
CAPITAL AND REVENUE RECEIPTS
Fixed Capital
Circulating Capital
CHARGE OF INCOME TAX [SECTION 4]
RESIDENTIAL STATUS [SECTION 6]
According to the Residential Status, the
assessee could be either be:
Resident in India
Resident and Ordinarily Resident in
India (ROR)
Resident but not Ordinarily Resident in
India (RNOR)
Non-Resident in India
other than Individual
and HUF, it will either be:
Resident in India
Non-Resident in India
HUF
Control & Management from india
if KARTA is ROR or RNOR
COMPANIES
Effective management
POEM
MEANING AND SCOPE OF TOTAL INCOME (SECTION 5)
A. Residential status of person by whom the income is earned vis-a vis place where it is earned/ received
or deemed to be earned/ received
B. Time when the income is earned/ received or deemed to be earned or received
C. What is to be included in income
(a) whether the income accrues or is received in India or outside,
(b) the exact place and point of time at which the accrual or receipt of income takes place, and
(c) the residential status of the assessee