Shefali Bajpai (Article Assitant & CA Final Student) (1148 Points)
20 February 2008Hello Friends,
I would like to know whether the Stipend received from the Principal would be shown as the Salary Income or Income from Other source???
Regards,
Shefali
Vijay
(CA)
(254 Points)
Replied 20 February 2008
SONUJRT
(CA FINAL STUDENT)
(337 Points)
Replied 20 February 2008
pooja
(Chartered Accountant)
(68 Points)
Replied 20 February 2008
Shefali Bajpai
(Article Assitant & CA Final Student)
(1148 Points)
Replied 20 February 2008
For all you ppl, stipend is not at all taxable under income tax act.. and remember one thing first, when u receive stipend it clearly means your not an employee of the principal.. hence the question of employer employee doesnt arise.. It SURELY CAN NOT BE regarded as Salary... It is completely exempt under IT Act u/s 16... if reqd refer case law Ratnakar Rao (A) Vs. Additional Commissioner of Income-tax (1981) 128 ITR 0527. And ppl please read income tax properly...
Regards
Guhan V
Vignesh
(B.Com CA FINAL & CMA FINAL)
(193 Points)
Replied 21 November 2008
no there is no relation ship of employer and employee between the Principal and the article assistant. so it is not treated as salary income and it is not taxable
GAURAV BEHL
(CA-FINAL )
(228 Points)
Replied 30 October 2009
no as per the definition of employee in epf act,, it does not include apprentice/article assistant.
shyambali yadav
(chartered Accountancy final)
(48 Points)
Replied 27 November 2009
as per provident fund act an apprentice or article assitant shall not be treated as employee of the oraganisation, hense no PF is applicable on stiphened paid to article assitant
CAclubindia
