16 July 2011
Whether Stipend received by the Article Assistants as per the norms of ICAI is taxable? If yes, under what head it should be taken. If no, under which section it is exempt.
16 July 2011
Stipend is taxable income, if it is purely being given in form of cost of living or as wages or salary or for any purpose but studies.However, if the Stipend granted is for furthering education or gaining knowledge , same can be claimed exempt u/s 10[16] of the I T act.
CAclubindia
