Is Stipend which is been received by the articles students is exempted??
If exempted under which section????
27 Replies
Abhijeet Deshpande
(Co-Founder & Manager @ Tax-Yantra)
(1171 Points)
Replied 21 June 2011
| Originally posted by : HITESH | ||
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I think its not chargeable at all.. Kindly let me know if im wrong.
TUSHAR MADAAN
(ARTICLE ASSISTANT)
(29 Points)
Replied 21 June 2011
Stipend which is received by articles is not exempted. It is taxable under salary head.
Abhijeet Deshpande
(Co-Founder & Manager @ Tax-Yantra)
(1171 Points)
Replied 21 June 2011
| Originally posted by : TUSHAR MADAAN | ||
|
Stipend which is received by articles is not exempted. It is taxable under salary head. |
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@ Tushar Definition of Salary does not cover Income from Apperentice.
@ Vivek Kindly let me know the reference for coverage under Other Sources and thanx.
CA. Roopali Kadam
(Jobs on assignment basis.)
(1459 Points)
Replied 21 June 2011
is not exempted. It will be income from other sources
Plz refer this thread to get more info /forum/tax-on-stipend-148815.asp
Ankush Bajaj
(CA Final Student)
(46 Points)
Replied 21 June 2011
Hi Hitesh,
i m attaching hereby a case law regarding taxability or exemption of stipend income.. According to me it is exempt
Attached File : 473847 745596 16 articleship stipend 10 16 exemption case law.pdf downloaded: 484 times
vivek
(CA Final)
(296 Points)
Replied 21 June 2011
@ tushar: now i dont think i need to give reference
vivek
(CA Final)
(296 Points)
Replied 21 June 2011
@ abhijeet: now i dont think i need to give reference
sumeet agrawal
(Employee)
(61 Points)
Replied 21 June 2011
It is Chargeable Under Head Income From Other Sources as defn of salary does not cover income from apprentice.
CA. Roopali Kadam
(Jobs on assignment basis.)
(1459 Points)
Replied 21 June 2011
| Originally posted by : Ansh Bajaj | ||
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Hi Hitesh, i m attaching hereby a case law regarding taxability or exemption of stipend income.. According to me it is exempt |
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ok then can we say for any student getting nominal stipend we can claim exemption u/s 10 (16)
Ankit Madhogarhia
(Pursuing Final)
(531 Points)
Replied 21 June 2011
Whether Stiphend include conveyance also?
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 21 June 2011
Stipend is taxable under "Income from Salaries" as Sec. 17(1) point no .1 is Wages.
Wages means wages as per Factory Act 1948 which includes payment to apprentices.
Regards,
Nitin Wadhwani
A.K.Banik
(Tax Consultant)
(1596 Points)
Replied 21 June 2011
Heey Brothers / Sisters................... Do you get Stripend more than the basis exemption limit ?????
I think - the answer is - No .
So. why are you worried ??????????
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