Anoop kumar (Article) (570 Points)
30 October 2011Q1. Whether Amount received during articleship as a stipend to CA Student is Taxable income or exempt income?
Q2.Whether Amount received during Industrial Training to CA Student is Taxable income or exempt income?
please provide your answers with relevant case laws or legal postion as per income tax.
Thanks.
* Krishna *
(CA Student)
(6149 Points)
Replied 30 October 2011
Stipend received by students from a CA as part of articleship training is NOT TAXABLE. It is exempt under section 10(16). Refer the case law of Sudhir Kumar Sharma Vs ITO (1983). As per this caselaw, it is exempt u/s 10(16).
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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