Whether Stipend received by Articles is taxable?
This query is : Resolved
12 February 2011
Hello friends
I would like to know whether the stipend received by articled assistants during their articleship is taxable or no? If yes under what head and why?
Regards
I would like to know whether the stipend received by articled assistants during their articleship is taxable or no? If yes under what head and why?
Regards
12 February 2011
Hi,
What is the Amount of Stipend ur getting???
will be able to answer it better if the Info was passed on.
Thank You,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
What is the Amount of Stipend ur getting???
will be able to answer it better if the Info was passed on.
Thank You,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
12 February 2011
Stipend is txable income. If the amount increases the exempted tax limit, tax will be applicable.
12 February 2011
It is above the basic exemption limit for an individual.
12 February 2011
Thank You, but it is taxable under salary or other sources?
12 February 2011
Under Income from Other Sources.
12 February 2011
Hi,
Since there is no Employer & Employee relationship between the Principal & the trainee, it cannot be taxed under the head "Income From Salaries".
Therefore the only other head which it can be taxed is "Income From Other Sources".
However even if purse it is taxable u/h "Income from Other Sources", it has to cross the Basic Exemption Limit
(Apart from other Incomes of the Assessee {if any }), only then it shall be taxable.
Hope i have Resolved ur Issue,
For further Clarifications,
Pls Join my Community "Lo Aca"
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Since there is no Employer & Employee relationship between the Principal & the trainee, it cannot be taxed under the head "Income From Salaries".
Therefore the only other head which it can be taxed is "Income From Other Sources".
However even if purse it is taxable u/h "Income from Other Sources", it has to cross the Basic Exemption Limit
(Apart from other Incomes of the Assessee {if any }), only then it shall be taxable.
Hope i have Resolved ur Issue,
For further Clarifications,
Pls Join my Community "Lo Aca"
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
13 February 2011
Thanks to all..
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