stapend recd amt is taxable ,or non taxable (u/s)
This query is : Resolved
26 March 2011
stapend recd from educational
CA. Lohith Jagadeesh
(Expert)
27 March 2011
Hi,
As there is no Employer & Employee Relationship between the payer & payee it cannot be taxable under the head " Salaries". Therefore it has to be taxed under the "Head Income from other Sources".
However if the Income Recieved does not cross the Basic Exemption Limit, than it shall not be taxable.
Thank you
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
As there is no Employer & Employee Relationship between the payer & payee it cannot be taxable under the head " Salaries". Therefore it has to be taxed under the "Head Income from other Sources".
However if the Income Recieved does not cross the Basic Exemption Limit, than it shall not be taxable.
Thank you
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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