And also few of my friends working in the big 4 auditing firms get receive stipend after deduction of TDS as computed u/s 192.
So if they all are deducting TDS on stipend then it must be taxable.
stipend
Page no : 2
Sunali
(Learner)
(1317 Points)
Replied 15 January 2010
its taxable under the head Salaries..as Form 102 clearly states the employer employee relationship..
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 15 January 2010
according to me abnormal stipend income have to be taxable on the principal of natural justice. no case sattel with this regards by court but it can be prove that this is not a stipend purpose, it is eversion of tax.
With Regards
CA Ravi sisodia
C.A Akash Gupta
(C.A ICWA Final CS Professional)
(242 Points)
Replied 15 January 2010
no its exempt u/s10(16) as per the case law of 1990 delhi high court.....
CA Kingsley
(Audit Manager)
(470 Points)
Replied 16 January 2010
which firm is giving that much of stipend? I am eager to know the name of the firm rather than the section under which such income is exempt.
Max Payne
(employed)
(2574 Points)
Replied 16 January 2010
Is not "substance over legal form" the norm followed..... I mean u surely dont need Rs.450000 to study CA... on what basis is the comparison b/w 2,000 and 450,000 being made? Its prima facie not to meet the cost of education... So how can u say its exempt u/s 10(16)?
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