Articleship Stipend

This query is : Resolved

Guest

Guest (Querist)

07 July 2010 Dear sir/Ma'm/Frnds
Please, resolve one query that's
under which head articleship stipend should be taken as per income tax act

Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 July 2010 Income from other sources.

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CA Mihir Shah

CA Mihir Shah (Expert)
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07 July 2010 in this case there is diference in opinion:
it may be taken under income from salary or it may taken under income from other sources.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 July 2010 I do not disagree with the view stated by Mihir but the principal does not give u salary nor Form 16 nor the regular rules of PF, ESIC and PT are not applicable nor the perquisites rules.

Hence i had stated the same to be taxable under income from other sources.

However if the stipend above exceeds the taxable limit i. e. above exemption limit then TDS deductible u/s 192 only.

Hence the same could be taxed in any of the heads.

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CA Shiv

CA Shiv (Expert)
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07 July 2010 Definately under IOS......
agree to aditya and also there is no relation ship of employer and employee.....
And if its a small amount than can take anywhere.. no one is goonna see it...

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Guest

Guest (Querist)

08 July 2010 Thanks all Dear experts