Ankit Madhogarhia
(Pursuing Final)
(531 Points)
Replied 21 June 2011
Hi,
Whether the artcile cant claim conveyance or not with his /her principal, i a askinh this question because when i asked my employer for the conveyance saying that why we are giving you stiphend ,conveyance is also a part of it,Is it true ?
Regards,
Ankit Kumar
Mayank Saraogi
(Learner)
(170 Points)
Replied 22 June 2011
@ akash kangsa banik wot if an articled clerk is having other income more thn the basic exemption limit....think....
@ Ankit MAdhogarhia its not true as per my knowledge...get it confirmed from here and thn ask ur principal to give this in writing and send it to the ICAI....and u can claim transfer for tht reason as well(if u want)....CAs like this sometimes make me feel ashamed....huhhh
srinivass
(CA Final)
(2466 Points)
Replied 22 June 2011
yes it is not exempted , i m agree with roopale kadam
CA. Roopali Kadam
(Jobs on assignment basis.)
(1459 Points)
Replied 22 June 2011
| Originally posted by : Nitin Wadhwani | ||
 |
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 |
 |
though salary includes above wages isn't employer -employee relation needed in income tax. We are having Principal-Student relationship?? Let me know
CA. Roopali Kadam
(Jobs on assignment basis.)
(1459 Points)
Replied 22 June 2011
Sec10(16) scholarships granted to meet the cost of education
though there is a case law,
But can we say , that i am getting a monthly scholarship of rs 2000 which can be reduced considering our attendence, leaves.
therefore i was of the opinion it should be charged under other sources
santosh kumar
(Trainee)
(57 Points)
Replied 22 June 2011
APPRENTICE FEE IS NOT CHARGABLE TO TAX BECAUSE ITS NOT COVERED UNDR SALARY HEAD, APPRENTICE FEE IS JUST LIKE A REIMBURSMENT OF TRAINEE'S EXPENSES.
Abhijeet Deshpande
(Co-Founder & Manager @ Tax-Yantra)
(1171 Points)
Replied 22 June 2011
CA. Roopali Kadam
(Jobs on assignment basis.)
(1459 Points)
Replied 22 June 2011
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 24 June 2011
For the purpose of payment of stipend, it is an employer-employee relationship.
Aparna Raja K.C
(Student)
(520 Points)
Replied 25 June 2011
:P... it will be chargable under Salaries .. but kindly let me knw in which firm you work, and uder which CA who is paying you such a high stipend :P
A.K.Banik
(Tax Consultant)
(1596 Points)
Replied 30 June 2011
| Originally posted by : Mayank Saraogi | ||
|
|
@ akash kangsa banik wot if an articled clerk is having other income more thn the basic exemption limit....think.... |
|
He can have the following incomes :
1. Income from Tution of Students of class 11/12 , B Com , CA Ipcc , etc.
2. Income from Personal Business - Like preparation of IT Return for own clients , Accounts Preparation work for small traders , E filling of Returns of Relatives .
3. Interest on Deposits.
4. Income from Share trading Business .
All these are Relevant work for an Article .
What do you think ?
Mandar Karnik
(-)
(32 Points)
Replied 04 July 2011
Well the stipend we receive isnt large enough to be taxable anyways
CAclubindia
