Dear all
I wish to know that fellowship/scholarship/stipend for the research scholar is counted in total gross income in EWS category?
Legality for income
Ashwinni (NA) (26 Points)
03 May 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161096 Points)
Replied 03 May 2023
Yes, income shall also include income from all sources i.e. salary, agriculture, business, profession, etc. for the financial year prior to the year of application.
Ashwinni
(NA)
(26 Points)
Replied 03 May 2023
Thank you for your reply sir
fellowship/scholarship/stipend is exempted as income under IT act. Even it will be counted as total income?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161096 Points)
Replied 03 May 2023
For income tax purpose stipend is taxable but fellowship given for only higher educational purpose is exempt u/s. 16 of the act.
Ashwinni
(NA)
(26 Points)
Replied 03 May 2023
So fellowship will not be counted in total income. Hope I am correct sir?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161096 Points)
Replied 03 May 2023
The nomenclature is not important, but the reason for receiving the fellowship is most important to decide its taxability.
CAclubindia
