How is Amount Paid to a CA-Industrial Trainee during Industrial Training is taxable under Income Tax Act,1961?Whether any TDS deducted under Professional fees is justified?please reply along with source if any..
Rahul (article) (36 Points)
05 July 2011How is Amount Paid to a CA-Industrial Trainee during Industrial Training is taxable under Income Tax Act,1961?Whether any TDS deducted under Professional fees is justified?please reply along with source if any..
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 05 July 2011
In my opinion you should first take into consideration that what is the nature of relationship , is there a complete employer and employee relationship then it should be taxable u/h salary otherwise it will be taxable under head income from other sources .
Vicky
(Ca Article trainee)
(107 Points)
Replied 06 July 2011
here no exemption will be allowed for scholarship as amount received from industrial training is not scholarship.In my view it should be treated as stipend and stipnd is fully exempt from income tax.
Vicky
(Ca Article trainee)
(107 Points)
Replied 06 July 2011
here no exemption will be allowed for scholarship as amount received from industrial training is not scholarship.In my view it should be treated as stipend and stipnd is fully exempt from income tax.
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