Residential Status Income Tax | Concept, conditions, problems
Channel: DrCr Commerce Education
Date: 2021-10-05

This video talks about residential status for income tax for the current Assessment Year (AY 21-22). We have discussed the concept and conditions of determination of residential status in income tax. Problems are also solved.
Concept of Residential Status Income Tax:
Whether an individual is resident of India or not is determined through this concept. The residential status impacts on the tax liabilty of an individual. An individual can have the status of: Resident and ordinarily resident, Resident but not ordinarily resident and Non resident. Depending upon the conditions penned in the Income Tax Act, 1961 the status of the individual is determined.
Residential Status conditions:
There are two types of condition: Basic condition and additional condition. To be the resident and ordinarily resident of India, the individual need to fulfil any one of the two basic conditions and all two additional conditions. For resident but not ordinarily resident, only one basic condition is to be followed but no additional condition is to be satisfied. And when none of the two basic conditions of residential status is fulfilled, the individual is called non resident of India (NRI). The conditions are discussed in detail in the solved problems.
Remember resident and citizen is not same thing. Here we have discussed Residential Status for Income Tax for the current or present AY 2021-2022.

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