Explain the conditions which should be satisfied for an individual to be resident but not ordinarily resident.

In many countries, including India, the tax residency status of an individual plays a significant role in determining their tax liability. Being a resident but not ordinarily resident (RNOR) is a specific tax residency status that has its own set of tax implications. To be classified as an RNOR, an individual must meet certain conditions and criteria. In the Indian context, here are the conditions that should be satisfied for an individual to be considered an RNOR:

1. Individual Should Be a Resident:

• The first condition for an individual to be classified as an RNOR is that they must qualify as a resident of India for the relevant financial year under the provisions of the Income Tax Act.
• An individual can be considered a resident in India if they meet either of the following two conditions:
  • They have stayed in India for at least 182 days or more during the financial year.
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