I am a Article. Am I allowed to file a income tax return showing any income besides my stipend. Like can I show salary income or tution income.
Thanks
6 Replies
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 26 July 2008
Of course yes, you have to if you have taxable income.
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 26 July 2008
Article Is Not Supposed To Have Any Othher Source Of Income As Per Institute's Guidelines.
But, U can File U r Return declaring stipend income under the salaries in itr-1. if gti exceeds BEL of 110000/-
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 26 July 2008
An articled assistant is not allowed to engage in any kind of employment during the training period. so their is no possibility of having any salary at all..
and as to the stipend, by virtue of judgement of a court, the stipend may be taxable under the heard IFOS.....
But u can very well file a return even if u are having the income less than the minimum tax exempted income......as an artilced clerk can engage in teaching after the training hours in any commerce subject.(as per institute guidelines) apart from being a director of a company or a sleeping partner of a firm.......
Prem Kumar
(Articled student--Final)
(375 Points)
Replied 29 July 2008
| Originally posted by :Ashish | ||
| " | An articled assistant is not allowed to engage in any kind of employment during the training period. so their is no possibility of having any salary at all.. and as to the stipend, by virtue of judgement of a court, the stipend may be taxable under the heard IFOS..... But u can very well file a return even if u are having the income less than the minimum tax exempted income......as an artilced clerk can engage in teaching after the training hours in any commerce subject.(as per institute guidelines) apart from being a director of a company or a sleeping partner of a firm....... |
" |
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 05 September 2008
article stipend is not covered in salary it is covered in income from other source. More over an article can be a director of the company or sleeping partner of the company and it is allowed . Hence showing article stipend as other source income is right.
If u go through Form 103 there is details of Directorship also
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