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Unit 2: Residential Status and Taxation

Determine the total income in terms of the Income-tax Act, 1961 in the following situations: Notes
(a) Resident and ordinarily resident of India;
(b) Resident but not ordinarily resident of India;
(c) Non-resident.

Answers: Self Assessment

1. C 2. A
3. A 4. B
5. True 6. False

7. True 8. True
9. False 10. Taxable
11. Taxable 12. Non-taxable
13. Non-taxable 14. Section 5
15. Residential status 16. India
17. Resident and ordinary resident 18. Cash system
19. Accrue 20. Explanation 1
21. India 22. True
23. False 24. True

25. True
2.10 Further Readings

Books Aggarwal, K. Direct Tax Planning and Management. Atlantic Publications.

Ahuja, G. K. & Gupta, Ravi. Systematic Approach to Income Tax. Bharat Law House.
Lakhotia, R. N. Income Tax Planning Handbook. Vision Books.
Singhania, V. K. & Singhania, Kapil. Direct Taxes Law & Practice. Taxmann
Publications.
Srinivas E. A. Handbook of Corporate Tax Planning. Tata McGraw Hill.

Online links http://220.227.161.86/19765ipcc_it_vol1_cp2.pdf
http://reachaccountant.com/?p=730
http://www.du.ac.in/fileadmin/DU/Academics/course_material/TM_02.pdf
http://www.indialiaison.com/residential_status.htm
http://www.ninemilliondollars.com/2012/06/knowing-your-residential-status-
and-income-tax-implications/
http://www.nritaxservices.com/who_nri_fema.htm
http://www.welcome-nri.com/info/project/defnri.htm

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