Is Internship Stipend Taxable In India MBA graduates or engineering graduates receive stipend by pursuing internships at a company Some companies may even offer accommodation The Stipend letter may or may not include a break up as a salary letter does This may or may not be similar to the employment letter offered to a full time employee
The Income Tax Act 1961 has not clearly defined if a stipend income is taxable Here if the stipend income received is taxable depends on the purpose of the internship As you might already know the scholarship grants received by students and scholars are made tax free in their hands Is Stipend Taxable Hiral Vakil Form 16 Salary Income TDS Last updated on February 9th 2023 The income Tax Act has specified different nature of incomes and their taxability But there is no specific mention for Stipend Income This makes it difficult to determine whether the stipend is taxable or not
Is Internship Stipend Taxable In India
Is Internship Stipend Taxable In India
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No internship stipends are not taxable in India As per the income tax laws internship stipends are generally considered as a form of scholarship or honorarium and are exempt from taxation Therefore interns do not need to pay income tax on the stipends they receive during their internships Yes it s taxable and technically you should file a ITR even if you ve got no income But practically if you ve made less than 2 5L a year then you ll be fine without filing the ITR 3 vasthavk 1 yr ago Yeah after grad I ve started working at the same company So just want fo know if this stipend during grad is also taxable 1
Income Tax Is income tax chargeable on stipend Income Tax Taxability Of Income Earned As Stipend So far as the Income Tax Act 1961 is concerned there is nothing mentioned about stipend When an employee receives a salary from an employer he she has to pay tax on the same Scholarships and Fellowships Scholarships and fellowships granted to students for pursuing education are generally tax free in India under Section 10 16 of the Income Tax Act 1961 This includes stipends provided to research scholars and students pursuing postgraduate courses Internship Stipends Stipends received during internships are
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As per the Income Tax Act stipend is a scholarship given to meet the education expenses Thus it is exempted from income tax under Section 10 16 Is professional tax applicable for interns Companies usually pay stipends to interns Stipends are common payments for offsetting the commuting costs of unpaid interns compensating non governmental organisation NGO volunteers and covering the business related expenses of employees An employer usually pays this amount on a weekly or monthly basis to cover your basic costs such as accommodation meals and transportation
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Is Internship Stipend Taxable In India - In certain professions like Chartered Accountancy medicine law etc it is mandatory for the employer to pay stipend to their intern or article at the prescribed rates Further the Government awards Stipend to students pursuing PhD or JRF SRF Junior or senior research fellowship