What is the residential status of an individual who has stayed in India for 182 days or more during the current financial year?

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Q: What is the residential status of an individual who has stayed in India for 182 days or more during the current financial year?

Solution: An individual who has stayed in India for 182 days or more during the current financial year is considered a Resident.

Steps: 5

Step 1: Understand the term 'residential status'. It refers to whether a person is considered a resident or non-resident for tax purposes.
Step 2: Identify the current financial year. In India, the financial year runs from April 1 to March 31 of the following year.
Step 3: Check the number of days the individual has stayed in India during the current financial year.
Step 4: If the individual has stayed in India for 182 days or more during this period, they are classified as a Resident.
Step 5: If the individual has stayed for less than 182 days, they are classified as a Non-Resident.