HELLO FRENZ...
I WANT TO KNOW UNDER WHICH HEAD STIPENED RECD. FROM PRINCIPAL SHOWN IN COMPUTATION.
HOWEVER, MY PERSONAL THINKING IS THAT IT SHLD SHOWN UNDER THE HEAD IFOS.
11 Replies
SONUJRT
(CA FINAL STUDENT)
(337 Points)
Replied 22 July 2008
But how it will come under the head SALARY, as teher is no relation of Employer and Employee....
madhur gupta
(student/article )
(1022 Points)
Replied 22 July 2008
| Originally posted by :SONUJRT | ||
| " | But how it will come under the head SALARY, as teher is no relation of Employer and Employee.... | " |
no it will b shown under the head ifos as i thinks fit,bcoz there is no employer-employee relationship,have u read any announcement regarding it?
kapilll
(Investigator)
(171 Points)
Replied 23 July 2008
everything depends upon the control
whether principal can control the actions of yours or not? i mean are u bound to follow the instruction.
if yes it will come under the head salary otherwise under other source.
thats what i think, pls correct me if i m wrong :)
naveen jain
(Chartered Accountant)
(57 Points)
Replied 23 July 2008
HI FRIEND IFU THINK & CHECH IN THE REAL INDUSTRY THEREAREMANYB PERSONS WHO WORKED IN INDUSTRY AS INDUSTRIAL TRAINEE AND THEIR INCOME TAXABLE UNDER SALARY HEAD IF WE ARE UNDER INDUSTRIAL TRAINEE THEN WE RECIVED MONEY ON NAMEOF STIPEND WHICH WILL CONSIDER TAXABLE UNDER HEAD SALARY SAME AS IF WE ARE UNDER TRAINEE IN CA FIRM OUR STIPENDSHOULD TAXABLE UNDER HEAD SALARY
naveen jain
(Chartered Accountant)
(57 Points)
Replied 23 July 2008
HI FRIEND IF U THINK & CHECH IN THE REAL INDUSTRY THERE ARE MANY PERSONS WHO WORKED IN INDUSTRY AS INDUSTRIAL TRAINEE AND THEIR INCOME TAXABLE UNDER SALARY HEAD IF WE ARE UNDER INDUSTRIAL TRAINEE THEN WE RECIVED MONEY ON NAME OF STIPEND WHICH WILL CONSIDER TAXABLE UNDER HEAD SALARY SAME AS IF WE ARE UNDER TRAINEE IN CA FIRM OUR STIPEND SHOULD TAXABLE UNDER HEAD SALARY
CA Ankur Luhadia
(Chartered Accountant)
(72 Points)
Replied 24 July 2008
| Originally posted by :mahalaxmi g. | ||
| " | salary | " |
Stipend is shown under the IFOS as there is no Employer -Employee relationship
Mala
(chartered account)
(22 Points)
Replied 24 July 2008
As there is no employer & employee relationship,it should be shown under IFOS
CA Ankur Luhadia
(Chartered Accountant)
(72 Points)
Replied 18 August 2008
it will be included in IFOS head
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 30 August 2008
It can't be under Salary as there is no relationship of employer and emplyee rather the relation is of Principal and student .Hence it will not be covered under Salary and will be chargeable under Income from other sources.
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