Money received while doing internship

This query is : Resolved

JAMES ALEXANDER (Querist)
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27 July 2013 Suppose i am an Engineering student,doing an internship in XYZ company for 6 month and i am being payed 10,000/- month. and the company is deducting TDS u/s 194J
I want know under which head will my income would be considered and Can i avail any deduction for the same.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 July 2013 If it is stipend it is not taxable. but the company deducting TDS u/s.194J means they are treating you as professional only. need to show the Income as Income from Profession, no deduction available on that income

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 July 2013 Since the amount is monthly Rs.10000/- your income is below the taxable limit only,. you can file the return and take the refund of TDS deducted

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