The Income-tax Act, 1961
Bare Act
(1) Subject to the provisions of this Act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which:
- is received or is deemed to be received in India in such year by or on b… Read the complete text with KanoonGPT Pro.
Simplified Act
Section 5(1): For Residents
If you live in India, your total income includes all the money you make, no matter where it comes from, if it:
- Is received in India duri… Read the complete text with KanoonGPT Pro.
Explanation using examples
Let's consider a hypothetical scenario where Mr. Sharma, an Indian citizen, is a software consultant who works for a multinational company. He is a resident of India for t… Read the complete text with KanoonGPT Pro.
