Taxability tds
This query is : Resolved
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......
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.
.
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