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Why is the residential status of an assessee important for income tax purpose?
Wiki User
∙ 14y ago
The residential status of an assessee is important for income tax purpose for following reasons. 1) It is important to make sure that the person being assessed belongs to a particular country during particular period and is not able to evade the tax. 2) Tax incidence or Tax burden on an assessee depends on his residential status.
Wiki User
∙ 14y ago
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If any assessee having not business income but having income from profession like job works then what section will apply?
having income from profession like job works. This sounds like the assessee would be a self employed taxpayer under the IRS rules.Click on the below Related Link
If you live in a state that has income tax and work in a state that doesn't do you have to pay income tax?
it is residential
Purpose of the income tax act?
To raise Income Tax.
What's the purpose of income tax brackets?
To enable the progressive taxation of income
What is the purpose of income tax brackets Apex?
To enable the progressive taxation of income.
If any assessee having not business income but having income from profession like job works then what section will apply?
having income from profession like job works. This sounds like the assessee would be a self employed taxpayer under the IRS rules.Click on the below Related Link
What is a residential income property?
A residential income property is one purchased for the sole purpose of then letting it to a tenant, with the rental payments providing you with a regular income. Some investors will buy whole apartment blocks whilst others may buy one apartment.
What is a residential property?
A residential income property is one purchased for the sole purpose of then letting it to a tenant, with the rental payments providing you with a regular income. Some investors will buy whole apartment blocks whilst others may buy one apartment.
If you live in a state that has income tax and work in a state that doesn't do you have to pay income tax?
it is residential
Are residential income properties a good investment in todays real estate market?
In the recent years it has been shown that residential income properties are a good investment in the real estate market. They have a decent outcome.
Purpose of the income tax act?
To raise Income Tax.
Why is an income statement and a balance sheet important in an organisation?
for adequate check and balances,and also for reference purpose in order not to have problem with customers
accesible handicap in area for low income housing?
Contact a residential contractors in your area.
What are the provisions for Residential status of an individual under income tax act 1961?
Under the Income Tax Act 1961, an individual can be classified as a resident or non-resident based on the number of days present in India during the financial year. If the individual is present in India for 182 days or more in a financial year, or for 60 days or more in the relevant financial year and 365 days or more in the preceding four financial years, they are considered a resident. If not, they are classified as a non-resident. There are additional provisions for determining residential status for certain categories of individuals such as Indian citizens working abroad or crew members.
What has the author Deborah A Lasher written?
Deborah A. Lasher has written: 'Individual income tax paid in 1979 by residents and nonresidents and by filing status' -- subject(s): Income tax 'Individual income tax paid in 1977 and 1978 by residents and nonresidents' -- subject(s): Income tax 'Residential fuel, residential fuel conservation, and individual income tax credits claimed in 1979' -- subject(s): Income tax, Tax credits
What's the purpose of income tax brackets?
To enable the progressive taxation of income
What is the purpose of income tax brackets Apex?
To enable the progressive taxation of income.
