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In this video you will learn how to determine residential status of an Individual in a very simple way. In this video we will show how to know resident status with the help of example for easy understanding. The taxability of an individual in India depends upon his residential status in India for any particular financial year. It is not related to individual’s citizenship in India. An individual can be a citizen of India but may end up being a non-resident for a particular year. Similarly, a foreign citizen can be a resident of India for income tax purposes for a particular year. Residential status of a person plays a vital role in the purpose of the levy of income tax because the Income Tax department takes the tax based on the residential status of the person. Timestamps:- 0:00 Intro 0:15 Importance of resident status 1:10 Classification of resident status 1:27 Resident status flow chart 2:45 Exception to the rules 3:30 Non-Resident Example 4:54 Non-Ordinary Resident Example 6:42 Ordinary Resident Example 7:25 Taxability to according to resident status Watch other useful video:- GST Reconciliation in excel • GST Input Tax Credit (ITC) Reconcilia... Prepare TDS return guide • Prepare and File TDS Return/Statement... Subscribe to get more video like this / @taxcentral8909