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  • Category: Payments

    Income from ISc is taxable?

    Many of us are getting some money once in a month, once in two months are so. I have a doubt whether this income is to be shown as taxable income. Amount may not be very high. I tried to find out in the help section. But I couldn't get any lead. If it is taxable, ISC is going to give Form XVI.
    This a doubt but not a question. That is why I am putting my doubts in this section.
    Seniors may respond.
  • #601432
    ISC is just like any other income and is taxable if your total annual income is in tax brackets.

    Form 16 is issued by employer if they are deducting tax from your salary. ISC is not an employer and we are not deducting TDS from anyone. So, we are not liable to issue any Form 16.

    When you file your income tax return at the end of the year, show the ISC income in appropriate columns as your other income and pay tax accordingly. Talk to your auditor for further details.

    regards,
    Tony John
    Webmaster - IndiaStudyChannel.com


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