Weather stipend recevied during articleship period is taxable or not, if it is exceeding maximum examption limit.
26 Replies
Vinay
(service)
(36 Points)
Replied 29 April 2009
10( 16) Says - Scholarships granted to meet the cost of education;
I think it is taxabale since it is not scholarship.
Vinay
CMA KNVV Sri Vidya - Sri Kanth
(C.A.Final (New) ICWAI FINAL (New))
(11269 Points)
Replied 29 April 2009
Ya its fully exempted
C.A. M.Com. Suhas A. Nagpure
(CA)
(1175 Points)
Replied 30 April 2009
Please go through
u/s 10(16)
it is fully exempt
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 30 April 2009
Sec 10(16) talks about the scholarship granted As Meaning of stipend is wages or salary paid less than what is actually paid for that job. It is not a scholarship which is paid for meeting the cost of education. It should be taxable.
Thanks,
Lovensih Bansal
Industrial Trainee
Piyush Jain
(CA)
(283 Points)
Replied 30 April 2009
Pooja, it is taxable. But anyways how much stipend do you really receive???//
Piyush
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 30 April 2009
its taxable
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 30 April 2009
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