Mr. X had resided in India for less than 182 days during the financial year 2022-2023. He arrived in India on April 1, 2023, to conduct business and…
CA Intermediate · Corporate and Other Laws · MTP · May 2025
Mr. X had resided in India for less than 182 days during the financial year 2022-2023. He arrived in India on April 1, 2023, to conduct business and intends to leave the business on April 30, 2024, with plans to depart from India on June 30, 2024. What is Mr. X's residential status for the financial year 2023-2024 under the FEMA, 1999? How many days did Mr. X stay in India during the financial year 2023-2024?
Suggested Answer and Working Notes:
Correct Answer: Option (B)
Resident, 365 days
Topics: The Foreign Exchange Management Act, 1999
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