exempt income

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Satish Bhanushali

Satish Bhanushali (Querist)
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21 May 2011 whether income received by way of college intership is exempt? and under which section it is exempt

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 May 2011 The Section 10(16) makes exempt the Scholarships granted to meet the cost of education.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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

Satish Bhanushali (Querist)
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23 May 2011 THANX SIR...
@Paras Bafna
@B.Chackrapani Warrier

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