Is stipend considered as taxable income or is it considerd to be tax free. Please give me exact details for the same.
Thanks in advance
9 Replies
sudhir gautam
(CA Final)
(145 Points)
Replied 03 March 2009
Stipend received from Principal is Taxable under the heads salary because relationship between principal and trainee exist as empolyer and empolyee working on some condition.
CMA KNVV Sri Vidya - Sri Kanth
(C.A.Final (New) ICWAI FINAL (New))
(11269 Points)
Replied 03 March 2009
thanks sudhir
Kruti
(C.A. Final Student)
(195 Points)
Replied 03 March 2009
Since there is no Employee Employer relationship the said income would not fall under head “Income from Salaries” and will be taxable under the head “ Income from Other Sources”
Krunal Raichura
(Financial Advisory)
(2134 Points)
Replied 03 March 2009
Stipend is exempt from tax. Please see the search files section for the copy of the relevant case law.
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 03 March 2009
| Originally posted by :Krunal Raichura | ||
| " | Stipend is exempt from tax. Please see the search files section for the copy of the relevant case law. | " |
YA-STIPEND IS EXEMPT -SEE RELEVANT CASE IN FILE SECTION POSTED BY CA-RAJEEV AGARWAL
koolleo87
(1268 Points)
Replied 04 March 2009
Stipend is exempt from tax.... Upto a reasonable extent..As it is deemed to be scholarship received for meeting costs of education...
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