My son is studying in MBBS course. Intership will be for the last one year. My questions are
Is internship money taxable?
If taxable, then standard deduction is applied or not?
As here the relationship of employee and employer exist and also such opportunity is provided to garner the experience, it is considered as salary income only. Also, as it is considered as salaried income, such income is eligible for standard deduction.
Thank you for your quick response.