Filing of return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 May 2013
I AM A CA FINALIST. I EARNED 2000 P.M AS STIPEND FROM MY ARTICLE SHIP . I HAD NO OTHER INCOME. IS IT BETTER TO FILE ITR FOR FUTURE BENEFIT.
21 May 2013
You cannot file ITR because you have nil taxable income.(as u said u have only stipend income)
Income received in the form of stipend is exempt from income tax sec10(16)
please refer below case also
sudhir kumar sharma(CA article) Vs ITO
It is held that CA article clerk joins a C with a view to learning the work and receiving training.A newly recruited graduate is not supposed to have any knowledge of work of chartered accountant and therefor no contribution will be made by him in the work nor he can assist the chartered accountant in his work.
The payment was made out to meet the cost of books ,coaching fee,examination fee etc.,
The stipend received by assesse was not his income and therefor not taxable..
Income received in the form of stipend is exempt from income tax sec10(16)
please refer below case also
sudhir kumar sharma(CA article) Vs ITO
It is held that CA article clerk joins a C with a view to learning the work and receiving training.A newly recruited graduate is not supposed to have any knowledge of work of chartered accountant and therefor no contribution will be made by him in the work nor he can assist the chartered accountant in his work.
The payment was made out to meet the cost of books ,coaching fee,examination fee etc.,
The stipend received by assesse was not his income and therefor not taxable..
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 May 2013
thanks a lot sir .
09 July 2013
I agree with the expert but I am of the opinion that there is no harm if you submit your income tax return because you are keeping the money in Savings account and you must have earned some interest. Now, if out of stipend you are saving something then after few years how can you prove that the money which you own is out of your savings?
09 July 2013
dear author for your reference
1)if you have any other income other than stipend income it is taxable
2)interest from saving bank is exempt up to 10000 as per section 80 TTA
Thanks & regards
Ganesh babu k
1)if you have any other income other than stipend income it is taxable
2)interest from saving bank is exempt up to 10000 as per section 80 TTA
Thanks & regards
Ganesh babu k
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- Should I include march foreign salary received in April in my income for FY 2023-24?
- TDR receipts for agreement holder
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Company Incorporation - CA and directors signing from different states
- Capital gain tax on Property purchased in the year 1986
- Vivad se vishwas scheme 2024 new
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
