Assessment year  It means a period of 12 months commencing on the 1 st day of April every year.  Means the income of a person relating to the relevant.

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Presentation transcript:

Assessment year  It means a period of 12 months commencing on the 1 st day of April every year.  Means the income of a person relating to the relevant previous year is assessed to tax.

Previous year  It means the year immediately preceding the assessment year.  year income will be assessed in  Hence, as the previous year and as the previous year.

 Ordinary resident  Not ordinary resident  Non-resident

Residential status of individual Basic condition A)He was in India for a period or periods totaling in all to 182 days or more during the relevant previous year. B)He was in India for a period of periods totaling in all to 60 days or more during relevant previous year and 365 days or more during the four previous years preceding the relevant previous year.

Additional condition A) Must be resident in 2 out of 10 previous years preceding the relevant previous year. Must be in India for 730 days or more during the 7 previous years preceding the relevant previous year.

Condition for resident status Resident - Basic Condition A or B and A and B in Additional Condition Not ordinarily resident - Basic Condition A or B and No or any one condition in Additional Condition Non Resident - No condition from Basic and Additional

General Rule The general rule is that the income earned during the previous year is put to tax in its assessment year. Eg.- Previous year Assessment year Which means income generated in will be assessed in

Exceptions to this rule Shipping business income of non-resident personPerson leaving from IndiaPersons who are likely to transfer assets to avoid tax.Discontinued business Assessment of BoI or AoP or Artificial judicial person formed or established only for a limited period.

Shipping business income from non resident person-sec 172 Shipping company make earnings from IndiaNo representative for shipping company in India Will not be allowed to leave India till tax has been paid. 7.5% of the amount received or amount receivable shall be treated as Income accruing in India.

Person leaving from india-sec-174 Leave India with no intention to return during the current previous year. The total income of such individual for the period between the expiry of last previous year and date of his departure will be taxable in the current previous year.

Person who are likely to transfer their assets to avoid tax-Sec-175 Any person likely to sell, transfer, dispose off any of his assets with an intention to avoid tax liability, he may commence the proceedings to assess the income for the period between the expiry of last previous year and the date of commencement of such proceedings.

Discontinued business-sec-176 Any business or profession is discontinued during the previous year, the income of the period from the expiry of last previous year till the date of discontinuation will be assessed to tax in the current previous year.

AOP, BOI established for a limited period-Sec-174A Formed only for a particular limited period or for a particular event and it is likely to be dissolved or discontinued in the same year after the accomplishment of such event or purpose, the assessment of such event can be made the in the same year.