Z Ltd. is an Indian company. It has 15 shareholders (2 are Indian citizens and resident in India). The company has active business in Japan. Gross annual turnover of the company for the previous year 2019-20 is ₹48 crore mainly from operations conducted from Japan, Sri Lanka and India. The company is managed by a team of professionals from India. Find out the residential status of Z Ltd. for the assessment year 2021-22.
A. Resident
B. Non-Resident
C. Not ordinarily resident
D. Cannot be determined
Answer:A
Z Ltd. is an Indian company. It has 15 shareholders (2 are Indian citizens and resident in India). The company has active business in Japan. Gross annual turnover of the company for the previous year 2019-20 is ₹48 crore mainly from operations conducted from Japan, Sri Lanka and India. The company is managed by a team of professionals from India. Find out the residential status of Z Ltd. for the assessment year 2021-22.
A. Resident B. Non-Resident C. Not ordinarily resident D. Cannot be determined