STIPEND RECEIVED DURING ARTICLESHIP-EXEMPT???
This query is : Resolved
VINEESH KHANNA
(Querist)
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.
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.
30 May 2009
its taxable
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.
1) A.Ratnakumar V s. ACIT (1981) 128 ITR 527 (Kar).
2) ITO Vs. Dr.G.N.Ramachandran 11 ITD 902.
CA Nitin Wadhwani
(Expert)
31 May 2009
In my opinion it is taxable.
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