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pawan

pawan (Querist)

31 December 2013 is the stipen received by an articles student taxable....if yes reasons and if no then also reasons???

Ganeshbabu K

Ganeshbabu K (Expert)

31 December 2013 Stipend is exempt income under sec.10(16) of income tax act,

https://www.caclubindia.com/experts/filing-of-return-1314409.asp

Reference : Sudhir kumar sharma(ca article)VS ITO

Thanks & regards
Ganesh babu k

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@VaibhavJ

@VaibhavJ (Expert)

31 December 2013 Hi

Stipend given to CA student is certainly taxable!!

Pl refer: https://www.caclubindia.com/forum/re-stipend-taxable-or-exempt-58391.asp

Thanks

Ganeshbabu K

Ganeshbabu K (Expert)

01 January 2014 @Vaibhav
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You may be incorrect,Please recheck
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In any case stipend given which will come to Sec.10(16) is exempt from tax
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As i provided Kindly provide if you have any section or case law reference which supports your opinion

@VaibhavJ

@VaibhavJ (Expert)

02 January 2014 Dear Ganeshbabu,

10(16) refers to scholarships granted to meet the cost of education; stipend is not scholarship granted by ICAI.

case laws which you are talking about refers to scholarships.

If you are taking it as base then Stipend prescribed by ICAI will be exempt, if any amount paid over & above it then it wont get any exemption.

Thanks

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CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)

02 January 2014 Stipend is not equivalent to the scholarship.
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Hence it is taxable as salary.

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CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)

02 January 2014 Counter query :
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A CA student failing frequently while in articleship; can he be said as a Scholar? :)

Message likes : 2 times

Aditya Maheshwari

Aditya Maheshwari (Expert)

03 January 2014 Yes the same is taxable. Detailed discussion has taken place here
https://www.caclubindia.com/forum/is-stipend-under-salary-90486.asp#.UsZdhvQW2BI

Message likes : 1 times

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