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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.
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How the tax liability of an assessee is determined with reference to residence?
The tax liability of an assessee is determined by their residential status, which is classified into three categories: resident, non-resident, and resident but not ordinarily resident. Residents are taxed on their global income, while non-residents are taxed only on income sourced within the country. The determination of residence typically considers factors such as the duration of stay in the country over a specific period. This classification affects the scope of taxable income and applicable tax rates for the assessee.
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.
Notice under Section 142 of The Income Tax Act-1961?
Income Tax Act, 1961Section 143. ASSESSMENT.(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, - (i) if any tax or interest is found due on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid, any tax paid on self assessment and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub- section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly; and(ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee :Provided that except as otherwise provided in this sub-section, the acknowledgment of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him :Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in which the income was first assessable.(2) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer shall if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not underpaid the tax in any manner, serve on the assessee a notice requiring him, on a date to be specified therein, either to attend his office or to produce, or cause to be produced there, any evidence on which the assessee may rely in support of the return :Provided that no notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.(3) On the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he has gathered, the Assessing Officer shall, by an order in writing, make an assessment of the total income or loss of the assessee, and determine the sum payable by him or refund of any amount due to him on the basis of such assessment.(4) Where a regular assessment under sub-section (3) of this section or section 144 is made, -(a) Any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment;(b) If no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.
How the tax liability of an assessee is determined with reference to residence?
The tax liability of an assessee is determined by their residential status, which is classified into three categories: resident, non-resident, and resident but not ordinarily resident. Residents are taxed on their global income, while non-residents are taxed only on income sourced within the country. The determination of residence typically considers factors such as the duration of stay in the country over a specific period. This classification affects the scope of taxable income and applicable tax rates for the assessee.
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.
Who is deemed assessee?
An "assessee" is an individual or entity that is subject to assessment under tax laws, meaning they are obligated to report income and pay taxes. This includes taxpayers who file income tax returns, as well as those who may be assessed for tax liabilities by a tax authority. The term encompasses individuals, partnerships, corporations, and other organizations that have a tax obligation. Essentially, anyone who is required to pay tax or whose tax situation is being evaluated qualifies as an assessee.
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
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 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
Are residential income properties a good investment in todays real estate market?
Firms like Savax Ventures highlight that, when approached strategically, residential income properties can be a highly profitable real estate investment. Rental income offers predictable monthly revenue. Properties build wealth over time through appreciation. SAVAX VENTURES
Notice under Section 142 of The Income Tax Act-1961?
Income Tax Act, 1961Section 143. ASSESSMENT.(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, - (i) if any tax or interest is found due on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid, any tax paid on self assessment and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub- section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly; and(ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee :Provided that except as otherwise provided in this sub-section, the acknowledgment of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him :Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in which the income was first assessable.(2) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer shall if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not underpaid the tax in any manner, serve on the assessee a notice requiring him, on a date to be specified therein, either to attend his office or to produce, or cause to be produced there, any evidence on which the assessee may rely in support of the return :Provided that no notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.(3) On the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he has gathered, the Assessing Officer shall, by an order in writing, make an assessment of the total income or loss of the assessee, and determine the sum payable by him or refund of any amount due to him on the basis of such assessment.(4) Where a regular assessment under sub-section (3) of this section or section 144 is made, -(a) Any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment;(b) If no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.
