Hello Friends,
One of my client's daughter is getting stipend income from Sms medical college of Rs. 2,21,000. What will be the tax treatment?
Thanking You
2 Replies
Fenil Shah
(Audit & Tax Executive)
(402 Points)
Replied 14 July 2014
Stipend is not taxable under income from Salary, since there is no "Employer-Employee Relationship"; it'll be taxed under Income from other sources.
Arpit Pachisia
(CA)
(734 Points)
Replied 15 July 2014
Why it is treated as taxable income? It might be shown as Exempt income U/s 10(16).
Do clarify...
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