Income Tax deduction on Stipend
This query is : Resolved
27 December 2022
Dear Associates,
Request you to clarify a MBBS student is acquiring his/her PG studies from National Board of Examination Diploma (NBE Diploma) in any specialization, they will get Rs. 35000/- for their first year of study and Rs.37000/- for their 2nd year study as a stipend.
Is the stipend is taxable under Income Tax 1961 'or' stipend is exempted from Income Tax. Request you to give some updates on this.
Request you to clarify a MBBS student is acquiring his/her PG studies from National Board of Examination Diploma (NBE Diploma) in any specialization, they will get Rs. 35000/- for their first year of study and Rs.37000/- for their 2nd year study as a stipend.
Is the stipend is taxable under Income Tax 1961 'or' stipend is exempted from Income Tax. Request you to give some updates on this.
27 December 2022
This payment is for the work done during this period hence it's taxable.
Opt for new scheme no TDS applicable upto 5 lacs of such annual payment.
Opt for new scheme no TDS applicable upto 5 lacs of such annual payment.
27 December 2022
Well, no TDS is deducted over the stipend...........
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