stipend of article
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 January 2010
stipend of article is exempted or not
28 January 2010
S its exempted if it below taxable income, its treated as salary only under income tax...
28 January 2010
exempted
29 January 2010
If the Stipend granted is for furthering education or gaining knowledge , same can be claimed exempt u/s 10[16] of the I T Act,1961 . In this regard the decision of the Karnataka High Court in A. Ratnakar Vs. Addl. CIT [1981] 128 ITR 527 can be applied.This was also followed by Tribunal in the case of Income-tax Officer Vs. Dr. G.N. Ramachandran 1 ITD 902.
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