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A Brief discussion about the Residential Status of an individual and taxability of income according to their residential status in India.

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Taxability In India, income is taxable is based on their residential status, so it is very important to know about residential status of any individual to check the taxability of income. So let’s know: Status Taxability Resident & Ordinary resident (ROR) Global Income will be Taxable in India Resident but not ordinary resident (RNOR) Income earn in India will be Taxable in India Non Resident Income earn in India will be Taxable in India   To know that whether global income is taxable or income earn in India is taxable, you know first about the residential status with the help of following steps: Step I - Residential Status In order to know the residential status of an individual we have to check that whether he/she is resident or not in the following manner: a)          He/she is stay in India for a period of 182 days or more...
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Section 269SU of Income Tax Act. 1961 – Acceptance of Payment Through prescribed electronics modes

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This section is inserted by the Act no. 23 of 2019, w.e.f. 1-11-2019. About the section -   “Every person, carrying on business, shall provide facility for accepting payment through prescribed electronic modes , in addition to the facility for other electronic modes, of payment, if any, being provided by such person, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year.”   Relating Rule 119A   The Prescribed Electronic Mode was notified through Income Tax Rules, Rule 119AA , (The rule was Inserted by Income-tax (Sixteenth Amendment) Rules, 2019, w.e.f. 1-1-2020)   The rules provide Modes of payment for the purpose of section 269SU , read as follows:   “Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shal...
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GST Registration - Authentication Procedure

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