Income tax exemption
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2011
Dear Sir,
I am working as a 'Senior Project fellow' in ONGC Energy Centre Trust and getting a monthly stipend of INR 40000. Is this stipend exempted from tax under section 10 (16) of IT Act? The nature of job is not exactly academic though.
Regards,
I am working as a 'Senior Project fellow' in ONGC Energy Centre Trust and getting a monthly stipend of INR 40000. Is this stipend exempted from tax under section 10 (16) of IT Act? The nature of job is not exactly academic though.
Regards,
CA PARAS BAFNA
(Expert)
28 July 2011
Stipend is not a scholarship. It is taxable.
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