Direct Taxes

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manoj (Querist)
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13 January 2010 Whether the Stipend Receivable by a C.A. Student is Taxable?If Yes,then Under Which Head Of Income It needs to be included-Salary or income from other sources or any other head?
Plz.answer me with the supporting provisions,caselaws etc.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 January 2010 Stipend, prima facie, should be treated as a scholarship and should be exempt, since Sec. 10(16) exempts all `scholarships granted to meet the cost of education'.

Citation :- CIT v V. K. Balachandran (1984) 147 ITR 4 (Mad).

Bhavesh

Bhavesh (Expert)
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13 January 2010 also Sudhir Sharma of Rajkot ITAT.
I think if u search the ca club india files, you will get the case.
However i may disagree with it as in that case, the stipend annually was Rs.2,000 however today the stipend is Rs. 8,000 per month.

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