Stipend change to salary
This query is : Resolved
05 June 2009
Hi,
we have one trainee to whome we was paying him stipend of Rs 20000/- without any deduction, from june he is becoming employee now his package will be about 4 lac, while calculating tax do need to add his april may income also?? should i leave it coz that was stipend and calculate tax on his remaining 10 months salary?? waiting for reply.
Nazir
we have one trainee to whome we was paying him stipend of Rs 20000/- without any deduction, from june he is becoming employee now his package will be about 4 lac, while calculating tax do need to add his april may income also?? should i leave it coz that was stipend and calculate tax on his remaining 10 months salary?? waiting for reply.
Nazir
05 June 2009
stipend should be included in total income but not as salary.It will be taxable as Income from other sources.
CA Nitin Wadhwani
(Expert)
05 June 2009
Stipend Income is taxable as income from salary u/s 17(1) of the Income Tax Act, 1961.
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