Definition Flashcards
1
Q
Year in which tax is paid
A
Assessment year
2
Q
Year in which income is earned
A
Previous year
3
Q
GTI
A
5 major heads
4
Q
5 major heads
A
Salary, House property, profits and gains, Capital gains and IFOS
5
Q
Net income
A
GTI- dedu/a 80C to 80 U
6
Q
Satisfy one basic condition
A
Resident
7
Q
Satisfy none of Basic condition
A
Non- Resident
8
Q
Satisfy one Additional condition or none
A
RNOR resident not ordinarily resident
9
Q
Satisfy both additional condition
A
ROR resident ordinarily resident
10
Q
Person of Indian origin or leaving India for employment
A
Has only one Basic Condition to be satisfied
