New Enroll here to Join NaBFID Analyst Into Class on May 6

    Question

    A new provision of the Finance Act, 2020 provides that

    an Indian citizen shall be deemed to be resident in India only if his total income, other than income from foreign sources, exceeds _________ during the previous year. 
    A Rs. 15 lakhs Correct Answer Incorrect Answer
    B Rs. 20 lakhs Correct Answer Incorrect Answer
    C Rs. 25 lakhs Correct Answer Incorrect Answer
    D Rs. 30 lakhs Correct Answer Incorrect Answer
    E Rs. 35 lakhs Correct Answer Incorrect Answer

    Solution

    The Finance Act, 2020 has introduced new section 6(1A) to the Income-tax Act, 1961. The new provision provides that an Indian citizen shall be deemed to be resident in India only if his total income, other than income from foreign sources, exceeds Rs. 15 lakhs during the previous year

    Practice Next

    Relevant for Exams: