Tax Planning
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Retail Banking and Wealth Management — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What determines the residential status of an individual for income tax purposes in India?
Residential status is determined based on the number of days spent in India during the financial year, as per the Income Tax Act.
For an Indian citizen leaving India for employment abroad, what is the minimum number of days of stay in India required to qualify as a resident under the basic condition?
182 days (the 60-day limb is replaced by 182 days for such citizens)
When does an individual qualify as a Resident and Ordinarily Resident (ROR) in India?
An individual is ROR if they have been a resident in India for at least 2 out of 10 preceding years and have stayed in India for 730 days or more in the 7 preceding years.
What is the income threshold above which the 'deemed resident' status applies to an Indian citizen not taxable elsewhere?
Indian income above Rs. 15 lakh
What is the basic condition to be treated as a resident individual under the Income Tax Act?
An individual must have stayed in India for 182 days or more during the financial year, or 60 days during the year and 365 days in the preceding 4 years.
Under the New Tax Regime for FY 2025-26, up to what net taxable income is the tax liability Nil due to the Section 87A rebate?
Rs. 12,00,000
On what basis is income tax levied on a Resident and Ordinarily Resident (ROR) individual?
A ROR individual is taxed on their global income, i.e., income earned both in India and abroad.
Is the Section 87A benefit under the New Tax Regime an exemption or a rebate?
It is a rebate — tax is computed on slabs first, then the full amount is rebated
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