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.
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).
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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