Determine residential status for the assessment

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Reference no: EM132717629

Question: Mohit left India on 07.04.2018 to United Kingdom for employment. He returned to India on 07.11.2018, after resigning his job. 9 He commenced a business on 01.12.2018 and his turnover was ` 32 lakhs up to 31.03.2019. All payments for the sales were received through crossed account payee cheques. He wants to declare income under section 44AD. His salary income in the United Kingdom was ` 6,56,000. When he remained outside India, he invested in equity shares of Vodafone UK Inc. He earned dividend from Vodafone UK Inc. (foreign company) ` 60,000 during the previous year 2018-19. He borrowed ` 2,00,000 from Mr. Narain of Chennai to invest in the shares of the foreign company and paid interest of ` 20,000 for the year ended 31.03.2019. Determine his residential status for the assessment year 2019-20 and compute his total income.

Reference no: EM132717629

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