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Section 7 establishes statutory deeming fictions that treat excess employer provident fund contributions (>12%), excess interest (>9.5%), transferred balances, and employer NPS contributions as income received by the employee, determining their taxation and TDS compliance in the relevant financial year.
Understand residential status in India under Section 6 of the Income-tax Act, 2025. Learn the 182-day and 120-day rules, ROR, RNOR, deemed residency, NRI taxation, FEMA differences, DTAA implications, practical examples, recent amendments, and key judicial precedents.
Section 5 of the Income-tax Act, 2025 determines which income falls within India’s tax net. It connects residential status with receipt and accrual rules, explaining how Indian and foreign income of residents, RNORs and non-residents is considered for taxation.