sripend received from firm taxable
This query is : Resolved
12 June 2009
Suppose a C.A. Student receives stipend from his employer, is that stipend taxable in the hands of the article.The article is having other income which exceeds the basic exemption limit which are subject to tax.
For example Mr.X is having income from other sources Rs.155000 and is receiving a stipend of Rs.15000 P.A. will his stipend be included while computing his total income.
Kindly reply me soon
Thanks in advance
For example Mr.X is having income from other sources Rs.155000 and is receiving a stipend of Rs.15000 P.A. will his stipend be included while computing his total income.
Kindly reply me soon
Thanks in advance
12 June 2009
Stipend of a CA student is exempt U/s 10(16) of the Income tax Act,1961.
CA.Tarun Maheshwari
(Expert)
12 June 2009
I support the expert.
CA Nitin Wadhwani
(Expert)
13 June 2009
Stipend Income is taxable under Sec.17(1) of the Indian Income Tax Act, 1961.
Ca Anand Dubey
(Expert)
13 June 2009
Taxable under "other sources", not as salary as employer employee relation doesnt exist
CA Nitin Wadhwani
(Expert)
13 June 2009
It is taxable under Income from salary;
Employer-Employee relationship does exists.No doubts in that.
Employer-Employee relationship does exists.No doubts in that.
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