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RegardinG Exemption

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(Querist)
07 May 2011 is Stipend received to Aricle (intenship) is Exempt under income tax act ??? if yes uder which section ? any case lawww if any ???
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
08 May 2011 There is no specific exemption as regards to stipend earned by the articles. So, in my opinion the stipend is taxable if the total income of the article exceeds the threshold or basic exemption limit.
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
09 May 2011 agreed with the expert
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CA Manoj Pokharana

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CA Manoj Pokharana (Querist)
09 May 2011 ok, experts agreed with you but what about sec 10 (16) of IT ACT 1961. Can u please elobrate the same ?
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
13 May 2011 10(16) relates to the scholarship granted for meeting the cost of education. stipend doesnot fall under the category of scholarship.

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