@Partha007 , Having gone through this post and responses by my collogues @Opus 17 & @Bsch4477 , , the issue you bring up is (a) not dependent on whether you are exempt ( i.e. from days present counting for purposes of Substantial Presence Test ); (b) is primarily on your status as a student ; (c) purpose / relationship of your employment ( whether you are an employee or trainee / learner , benefits received etc. etc.) and (d) the status of the employer ( whether an extension of the educational institution / charitable, etc. etc. ). This is all very well laid out in Rev. Proc.2005-11.
My strong suggestion is that you discuss this with your education institution's foreign student office -- they will definitely have more down-to earth position. Also are you working with EAD permit or what ( normally as an international student you are ONLY allowed to work on campus or related institutions without express permission of Immigration Services.
Please provide more info on your situation so one of us can provide a more specific answer.
pk
