A Businessman,if he gives gets fees for speaking in a 'Faculty Development program', of a college,under which Income Head will it be taxable?
9 Replies
Neha
(Article)
(118 Points)
Replied 19 May 2010
Dear Priyanka..
It vl be taxable under the head Income From Other Sources...
Regards..
Neha..
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 19 May 2010
dear neha is right it will be taxable under ios.income not taxable under any other head
C.Balaji
(Learner)
(1867 Points)
Replied 19 May 2010
Agree with above friends.......
It will be taxable under Income from other sources....
CA Punit
(CA)
(1775 Points)
Replied 19 May 2010
agree.. its not n income from primary source... so other sources
Sudev Namboothiri
(CA FINAL)
(432 Points)
Replied 20 May 2010
Yes it is taxable under the head Income From Other Sources..
Priyanka
(Service)
(61 Points)
Replied 20 May 2010
Hi All
Thx a lot for the replies. Will the college be entitled to deduct TDS?
Bhavik Davda
(Proprietor)
(238 Points)
Replied 20 May 2010
Priyanka,
If college is considering the same as Professional Fees and payment is more than Rs. 20,000- college is entile to deduct TDS
Priyanka
(Service)
(61 Points)
Replied 20 May 2010
Ok, so while filing return, he can show the income under the head IOS and then claim TDS deducted
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