is stipend taxable or not
This query is : Resolved
25 May 2008
dear friends,
i am doing articleship and getting stipend of Rs 10000 pm and other interest income of Rs 100000 per year. my question is whether stipend is taxable and if taxable under which head it is taxable and if exempt plz tell me relevent section of IT act.
i am doing articleship and getting stipend of Rs 10000 pm and other interest income of Rs 100000 per year. my question is whether stipend is taxable and if taxable under which head it is taxable and if exempt plz tell me relevent section of IT act.
25 May 2008
It is taxable as other income
26 May 2008
if it is not specifically exempted under section 10, it will be taxable.. now stipend incoem is not exempted under section 10.. so it will continue to be taxable as "income from other sources" u/s 56.
26 May 2008
Hi Amit,
I don't agree wd d above views. According to me Stipend income is not taxable. This is because there is no specific section under the act under which such income can be held as taxable. In the words of the Hon'ble Apex Court merely bcoz income is not asessable under the preceding heads of income it can not be taxable under the head other sources.There are a no. of supreme court verdicts which uphold the above principal, one of them is Nalinikant Ambalal Moody. If u want i can give u the exact citation.
I don't agree wd d above views. According to me Stipend income is not taxable. This is because there is no specific section under the act under which such income can be held as taxable. In the words of the Hon'ble Apex Court merely bcoz income is not asessable under the preceding heads of income it can not be taxable under the head other sources.There are a no. of supreme court verdicts which uphold the above principal, one of them is Nalinikant Ambalal Moody. If u want i can give u the exact citation.
26 May 2008
i am little bit confused, Mr Manish as per my knowlege only scholarship is exempt as per Supreme court decision. plz throw more light on it. waiting for reply
26 May 2008
i am little bit confused, Mr Manish as per my knowlege only scholarship is exempt as per Supreme court decision. plz throw more light on it. waiting for reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- FEMA regulation Act. for inward remitance
- Rental income of jointly held property
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
