Ch 1 · Basics & Residential Status (Income Tax)

5 concept points · 2 formulas · 4 exam-critical points.

📘 Core concepts

• 1Income Tax Act 1961 — Assessee, Previous Year, Assessment Year, total income.
• 2Residential status determines scope of total income (Sec 5, 6).
• 3Individual ROR if: in India ≥182 days in PY OR ≥60 days in PY + ≥365 days in 4 preceding PYs.
• 4Deemed resident (Sec 6(1A)) — Indian citizen with income >₹15 lakh and not liable to tax elsewhere.
• 5Income deemed to accrue in India: salary for services in India, business connection, capital asset in India.