Taxability
This query is : Resolved
Vajresh Mehta
(Querist)
25 October 2013
Whether Stipend is a taxable income or an exempt income?
CA Mehta Ankur N.
(Expert)
25 October 2013
Exempt u/s 10(16).
Ganeshbabu K
(Expert)
25 October 2013
If the stipend is granted for furthering education or gaining knowledge same can be claimed exemption under section 10(16) of income tax act 1961
in this regard decesion of karnataka high court in A ratnakar Vs.addl.CIT can be applied
.
.
this was also followed in the case of ITOVs G.N.ramachandran
in this regard decesion of karnataka high court in A ratnakar Vs.addl.CIT can be applied
.
.
this was also followed in the case of ITOVs G.N.ramachandran
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