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I am receiving honorarium from a National College. How is it taxed? |
I am receiving honorarium from a National College. How is it taxed? It appears your honorarium would be taxed at the ordinary tax rates. Keep in mind that in general, the first Rs. 50,000 of your income is not taxed. Here is a link to an online calculator that you can use to figure out tax liabilities in India. http://www.taxmann.com/taxmanndit/xtras/... "INCOME TAX ACT, 1961 AS AMENDED BY FINANCE ACT, 2005" "'Salary', 'perquisite' and 'profits in lieu of salary' defined" http://www.taxmann.com/taxmanndit/displa... "For the purposes of sections 15 and 16 and of this section, (1) salary includes (i) wages; (ii) any annuity or pension; (iii) any gratuity; (iv) any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages; ..." You'll be taxed on it according to the tax bracket you're in; treated as any 1099 income. |
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