Hello,
How one can treat stipend in his income tax Ass.????
4 Replies
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 23 January 2009
Stipend recieved is exempt under SEc. 10(16) of the income tax act........
"Sec.10(16) Scholarships granted to meet the costs of education."
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 24 January 2009
yeah amount received as stipend are not included in the income
(Guest)
Stipend is not expressly exmept under the Act. Thus Stipend is certainly 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 . In this regard the decision of the Karnataka High Court in A. Ratnakar v. Addl. CIT [1981] 128 ITR 527 can be applied.This was also followed by Tribunal in case of Income-tax Officer v. Dr. G.N. Ramachandran [1 ITD 902]
Recent Topics
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
Related Threads
CAclubindia
