Stipend & tuition income

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2013 Respected Sir / Madam,

I am having Following Income:-
1. Stipend Income From CA Articleship
2. Tuition Income from Private Class
3. Bank Interest

I have following doubts :-
1. Is stipend Income is taxable? If yes then under which head it is taxable? Should I claim tuition fees paid to private class for CA Final course as deduction? If stipend is taxable as income from salary then should I get tuition fees deduction or not?
2. I am earning income from private class as a teacher, I do not have my separate private class. So under which head tuition income from private class is taxable ?
3. Which ITR form?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

24 July 2013 It is a debatable issue from so many angles as being a CA student you are engaged in some king of activities which can be treated as - 1 . Employment 2. Profession.
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You can take stipend as an exempt income in the shadow of Section 10(16).
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Tuition fee paid by you (thus) can not be claimed as deduction.
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Prefer Income from Other Sources head.
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File ITR -2
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