RegardinG Exemption
This query is : Resolved
CA Manoj Pokharana
(Querist)
07 May 2011
is Stipend received to Aricle (intenship) is Exempt under income tax act ??? if yes uder which section ? any case lawww if any ???
08 May 2011
There is no specific exemption as regards to stipend earned by the articles. So, in my opinion the stipend is taxable if the total income of the article exceeds the threshold or basic exemption limit.
CA. Krishna K Neeraj
(Expert)
09 May 2011
agreed with the expert
CA Manoj Pokharana
(Querist)
09 May 2011
ok, experts agreed with you but what about sec 10 (16) of IT ACT 1961. Can u please elobrate the same ?
13 May 2011
10(16) relates to the scholarship granted for meeting the cost of education. stipend doesnot fall under the category of scholarship.
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