Taxability of Amt Paid to CA-Industrial Trainee

Tax queries 934 views 4 replies

How is Amount Paid to a CA-Industrial Trainee during Industrial Training is taxable under Income Tax Act,1961?Whether any TDS deducted under Professional fees is justified?please reply along with source if any..

Replies (4)

In my opinion you should first take into consideration that what is the nature of relationship , is there a complete employer and employee relationship then it should be taxable u/h salary otherwise it will be taxable under head income from other sources .

why not try to claim exemption u/s 10(16) as scholarship. there are many case laws in this you can search it.

here no exemption will be allowed for scholarship as amount received from industrial training is not scholarship.In my view it should be treated as stipend and stipnd is fully exempt from income tax.

here no exemption will be allowed for scholarship as amount received from industrial training is not scholarship.In my view it should be treated as stipend and stipnd is fully exempt from income tax.


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