STIPEND RECEIVED DURING ARTICLESHIP-EXEMPT???

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VINEESH KHANNA (Querist)
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30 May 2009 Hi everyone,

Could anyone give me some material (any case law or notification) to prove that stipend received during tenure of articleship is exempt u/s 10 of the Income Tax Act.

Take Care.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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30 May 2009 its taxable

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 May 2009 Stipend given to an articled assistant is tax free u/s 10(16) since it is granted for furthering education or gaining knowledge to become a CA. The following cases can be referred.

1) A.Ratnakumar V s. ACIT (1981) 128 ITR 527 (Kar).
2) ITO Vs. Dr.G.N.Ramachandran 11 ITD 902.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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31 May 2009 In my opinion it is taxable.

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