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Tax, Mutual Fund Expert - Answered on Jul 23, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
Mrigank Question by Mrigank on Jul 21, 2023Hindi
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I am a Scientist based in Lucknow. I received an award from the Dept. of Science and Technology. As part of this award, I get a fellowship of INR15,000.00/per month. How can I claim exemption for (15,000x12=180,000) it in ITR1 form under Sec 10 (17A). I do not see any place where I can mention the amount for the last year as exempt. Kindly advise

Ans: Dear Mrigank,

Firstly, congratulations on your award from the Department of Science and Technology. It's indeed a great achievement.

Coming to your query, the fellowship you receive as part of the award is exempt from income tax under Section 10(17A) of the Income Tax Act. However, the ITR-1 form does not have a specific field to report this exemption.

Here's what you can do:

1. You need to report this income under the head "Income from Other Sources".
2. Then, you can claim the exemption under Section 10(17A) in the 'Exempt Income' section of the ITR form.
3. In the 'Exempt Income' section, select 'Others' and specify the details of the exemption, i.e., fellowship received under Section 10(17A).
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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