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Articles: Income Tax Act 1961
Impounding of books of accounts   <<CLICK HERE TO READ ARTICLE

Impounding of books of accounts and documents

Interest payable by assessee/Government under the Income tax Act   <<CLICK HERE TO READ ARTICLE

Interest payable by assessee/Government under the Income tax Act, 1961

No Limitation to Commence Prosecution   <<CLICK HERE TO READ ARTICLE

Bar to taking cognizance after lapse of the period of limitation under Cr CP lifted for certain Economic Offences including offences under the Direct Taxes Acts.



Residential Status under Income Tax Act, 1961   <<CLICK HERE TO READ ARTICLE

A common man thinks that a non-resident means a person who is a foreigner and a non resident Indian (NRI) means an Indian who lives in a foreign country. In fact provisions of Income Tax Act, 1961 (the Act) are totally different from this common belief. It is because of the fact that residential status under the Act is determined for taxation purpose not for the purpose of citizenship. So residential status for income tax purposes is totally different from that of citizenship. One person may be citizen of Australia but he may be resident in India. Residential status is determined for each Previous Year. Provisions regarding residential status of an assessee have been made in section 6 of the Act. There are two categories of taxable entities under the act i.e. (1) residents and (2) non residents. Residents are further classified into two categories i.e. (i) resident and ordinarily residents (ii)  resident but not ordinarily residents. 

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