Residential status under the Income Tax Act depends primarily on:
A. Location of assets owned
B. Citizenship of the individual
C. Physical presence (number of days) in India during the previous year
D. Place of birth
Answer: Option C
Solution (By JKSSB Mock Tests)
An individual's residential status for tax purposes is determined by their period of stay in India during the relevant financial year, irrespective of citizenship.
Explanation:
The Indian Financial System comprises financial institutions, markets, instruments, and services. Auditors are professionals who verify financial data, not a structural component of the financial system itself.
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