Taxability Of Stipend

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This query is : Resolved

CA Nitin Wadhwani (Querist)

11 September 2008 author : Meenakshi
Posted On : 6/17/2008 8:12:33 AM
IS STIPEND RECEIVED BY THE ARTICLE CLERK EXENPT U/S10(16)?

Expert : pushpendra
Posted On : 6/17/2008 8:37:26 AM
No , it is taxable.

Expert : Chezhiyan
Posted On : 6/18/2008 11:34:10 AM
Is it Taxable? can u clarify how it is Mr.Pushpendra?

Expert : Chezhiyan
Posted On : 6/18/2008 11:34:40 AM
It is not taxable

Correct Answer: It is Certainly Taxable U/s Sec.17(1)

CA Anil Jain

CA Anil Jain (Expert)

11 September 2008 Stipned received by an article is taxable as per one of the journal of institute under the head salary.and Principal need to deduct TDS if this amount is crossing the maximum permissible exemtion limit according to article.
But can u clarify me, when there is no employer-employeee relationship, why it is taxable u/h salary????

CA Praveen Chopra

CA Praveen Chopra (Expert)

11 September 2008 In sudhir sen case decided by jaipur bench of tribunal, stipend received by articled clerk from principal is exempt from income tax

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)

16 November 2008 CA Praveen Ji pl mail full citation at vibcondelhi@indiatimes.com

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