Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Where to show Stipend Income in ITR

Venkatramana Shastry C (Student CA Final ) (90 Points)

31 July 2020

Under which category of income should an Article Student who wants to file his/her ITR show the STIPEND received during the year? Is it taxable income?

Reply
Follow
Share

3 Replies

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 31 July 2020

Yes, it's taxable and your are required to show that income under head " income from other sources" in your ITR.

Upgrade to CAclubindia Pro. Subscribe Now!

Dhananjay Biyala (62 Points)
Replied 31 July 2020

As per my thinking, stipend income should be exempt u/s 10(16) as it is provided to meet expenses of books and exam fees and the minimum amount is also governed by the act.

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 02 August 2020

As per my view, Section. 10(16) scholarships granted to meet the cost of education is exempt.
I don't think stipend granted to article is considered as ' scholarship'.
It's Granted because they are also working like employees, and helping the principal in their work. it's not given to meet expenses of books, exam fee..