Ch 1 · Basics & Residential Status (Income Tax)

📘 Core concepts

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