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Types of Resident in Income Tax As per Indian Income Tax laws, an individual’s residential status can be of the following types: Resident and Ordinarily Resident (ROR) As per Section 6(1) of Income Tax Act, for individuals to be deemed as residents, they have to satisfy the following criteria: ·        They reside in India for 182 days or more within a fiscal year.  ·        If they stay for 730 days or more in India within a time-period of 7 years before the current financia

Understanding ITR Filing in India In India, filing Income Tax Returns (ITR) is a crucial process for individuals and businesses alike. The government mandates that anyone earning above a certain threshold must submit their ITR annually. The primary purpose of ITR filing is to assess the income of taxpayers and determine the tax liability. There are different forms of ITR, each catering to various categories of taxpayers, such as individuals, companies, and partnerships. Impo