Question: What is the residential status of an individual who has stayed in India for 120 days in the current financial year and 365 days in the preceding four years?

Options:

1. Resident
2. Non-Resident
3. Resident but Not Ordinarily Resident
4. Ordinarily Resident

Correct Answer: Resident

Solution:

The individual is considered a Resident as they meet the basic condition of staying for 60 days in the current year and 365 days in the preceding four years.