exempt income
This query is : Resolved
Satish Bhanushali
(Querist)
21 May 2011
whether income received by way of college intership is exempt? and under which section it is exempt
CA PARAS BAFNA
(Expert)
21 May 2011
The Section 10(16) makes exempt the Scholarships granted to meet the cost of education.
21 May 2011
If the Stipend granted is for furthering education or gaining knowledge , same can be claimed exempt u/s 10[16] of the Income tax Act,1961 . In this regard the decision of the Karnataka High Court in A. Ratnakar v. Addl. CIT [1981] 128 ITR 527 can be applied.This was also followed by Tribunal in the case of Income-tax Officer v. Dr. G.N. Ramachandran 1 ITD 902.
Satish Bhanushali
(Querist)
23 May 2011
THANX SIR...
@Paras Bafna
@B.Chackrapani Warrier
@Paras Bafna
@B.Chackrapani Warrier
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