Direct Taxes
This query is : Open
13 January 2010
Whether the Stipend Receivable by a C.A. Student is Taxable?If Yes,then Under Which Head Of Income It needs to be included-Salary or income from other sources or any other head?
Plz.answer me with the supporting provisions,caselaws etc.
Plz.answer me with the supporting provisions,caselaws etc.
13 January 2010
Stipend, prima facie, should be treated as a scholarship and should be exempt, since Sec. 10(16) exempts all `scholarships granted to meet the cost of education'.
Citation :- CIT v V. K. Balachandran (1984) 147 ITR 4 (Mad).
Citation :- CIT v V. K. Balachandran (1984) 147 ITR 4 (Mad).
13 January 2010
also Sudhir Sharma of Rajkot ITAT.
I think if u search the ca club india files, you will get the case.
However i may disagree with it as in that case, the stipend annually was Rs.2,000 however today the stipend is Rs. 8,000 per month.
I think if u search the ca club india files, you will get the case.
However i may disagree with it as in that case, the stipend annually was Rs.2,000 however today the stipend is Rs. 8,000 per month.
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