Hello Friends
One of my friend , who is pursuing M.phil from JNU ,received 3000 /-permonth fellowship amount from the JNU University .
Will this amount be taxable ?
As per my understanding ,it will not be taxable .Because Fellowship amount is in the nature of Stipend income .
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 28 July 2014
The stipened Income shall Be Taxable Under the Head "Income from Other Sources"
1. Stipened being an amount received during the course of his/ her Training.
2. It Shall be taxable under the head Income from Other Sources & not under the Head Salary.
3. In case the Gross Total Income including such Stipened doesnot exceed the Basic Exemption Limit ie Rs. 3 Lacs, your friend need nnot pay any tax.
4. Tax need not be paid on Stipened Income individually/ seperately. Amount In Excess of Rs. 3 Lacs after Deduction shall be subjected to Tax at Normal Rates as precribed in the Act.
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 28 July 2014
Dear mansha...
Stipend income is included u/h income from other sources. if this is the only income(3000*12) then there is no need to pay tax.
If he has other income also then slab rate will be applicable accordingly.
Net total income upto Rs 2,50,000/- is exempt.
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 28 July 2014
Hitesh, basic exemption limit is 2,50,000 for this year & not 3,00,000/-
CAclubindia
