Taxability of stipend income
Nitin Chordiya (CA final Student) (264 Points)
25 December 2015
Is stipend is Taxable? If yes, then please tell that under which section?
24 Replies
Tony John
(Chartered Accountant)
(6085 Points)
Replied 25 December 2015
In my opinion stipend income would be exempt u/s 10(16) of the Income Tax Act.
Nitin Chordiya
(CA final Student)
(264 Points)
Replied 25 December 2015
If i receive 22,000/- per month as stipend then it is taxable or not ?
Nirmit Choraria
(CA Final)
(1333 Points)
Replied 25 December 2015
It depends from whom u r receiving and get r what purpose
Ashok J
(CA Final)
(880 Points)
Replied 25 December 2015
As per Kar HC judgement in the case of ratnakar, stipend is not taxable......
ashish
(assistant)
(39 Points)
Replied 25 December 2015
Stipend is taxable, if it exceeds maximam amount not chargeable to tax.
ashish
(assistant)
(39 Points)
Replied 25 December 2015
Stipend is taxable, if it exceeds maximam amount not chargeable to tax.
ashish
(assistant)
(39 Points)
Replied 25 December 2015
Stipend is taxable, if it exceeds maximam amount not chargeable to tax.....however if stipend is given in form of financial assistance to meritious or poor students..then it is exempt. In all other cases it is taxable u/s 16.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 25 December 2015
for those who are saying that it is exempt, read the judgment, it is exempt only to the extent of being used for the purpose of education and not beyond that.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 25 December 2015
for those who are saying that it is exempt, read the judgment, it is exempt only to the extent of being used for the purpose of education and not beyond that.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 25 December 2015
for those who are saying that it is exempt, read the judgment, it is exempt only to the extent of being used for the purpose of education and not beyond that.
ashish
(assistant)
(39 Points)
Replied 25 December 2015
Dear Nikhil, your consideration is partially correct....stipend is exempt.....if provided as financial assistance to students who are meritious but poor..thank you
Nitessh Sharmma
(CA Article )
(46 Points)
Replied 25 December 2015
If Stipend becomes taxable then in which head it will be taxable?
Nitessh Sharmma
(CA Article )
(46 Points)
Replied 25 December 2015
If stipend is taxable then in which head it is taxable??
Recent Topics
- Taxability of income in USA of resident oci holder
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
Related Threads
CAclubindia
