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Stipend Received as per ICAI - Taxable or not

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Querist : Anonymous (Querist)
16 July 2011 Whether Stipend received by the Article Assistants as per the norms of ICAI is taxable? If yes, under what head it should be taken. If no, under which section it is exempt.
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CA Ankit Gulgulia (Jain)

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CA Ankit Gulgulia (Jain) (Expert)
16 July 2011 Stipend is taxable income, if it is purely being given in form of cost of living or as wages or salary or for any purpose but studies.However, if the Stipend granted is for furthering education or gaining knowledge , same can be claimed exempt u/s 10[16] of the I T act.
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