Taxability tds
This query is : Resolved
pawan kumar
(Querist)
08 August 2013
SIR Kindly gives your opinion
>I am CA final student in Training for 1 yr more and recd stipend of rs 19500 p.m (i.e. 234000 P.A.)
>in this case should TDS deducted on that income????
>because this fall under section 10(16) and quantum of pmt & savings does not detract nature of stipend
>if yes, under which section and why????
>my employer/principal deduct u/s 192, however this is exempted income
>I cant understand logic for deducting TDS please guide me......
>I am CA final student in Training for 1 yr more and recd stipend of rs 19500 p.m (i.e. 234000 P.A.)
>in this case should TDS deducted on that income????
>because this fall under section 10(16) and quantum of pmt & savings does not detract nature of stipend
>if yes, under which section and why????
>my employer/principal deduct u/s 192, however this is exempted income
>I cant understand logic for deducting TDS please guide me......
CA PARAS BAFNA
(Expert)
10 August 2013
You are being paid more than the rates prescribed by ICAI. Under Section 10(16) you may not find any exemption for the Stipend of this kind.
.
192 is applicable where employer employee relationship exists. Decide in your case
.
The amount so paid is not in the form of Scholarship or is like any scholarship.
.
Its a compensation for the Services rendered and not helpful in carrying on your studies.
.
.
192 is applicable where employer employee relationship exists. Decide in your case
.
The amount so paid is not in the form of Scholarship or is like any scholarship.
.
Its a compensation for the Services rendered and not helpful in carrying on your studies.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
