30 March 2012
Respected sir, Please tell me. Can i build up capital by showing stipend income which is exempt u/s10(16)?? Or i have to file NIL return by claiming expenses on books & study. (my friend getting 22000 per month in cash from hospital and he is also studying there)
01 April 2012
Dear Shailesh, Stipend is taxable what is tax free under 10(16) is scholarship which was meant for support to education. Stipend & scholarship both are different thing.
CAclubindia
