Stipened Income
This query is : Resolved
30 June 2011
Is Stipend From Auditor received by articled assistant - exempt in hands of article assistant ?? Pls clarify with provisions...
30 June 2011
According to me no.
there is no such provision regarding the exemption of Stipend Income.
But articles are given very small amount as stipend which not come under the income tax level.
there is no such provision regarding the exemption of Stipend Income.
But articles are given very small amount as stipend which not come under the income tax level.
30 June 2011
The stipend is exempted from tax. Kindly go through the following Section 10(14) & 10(16)
An article clerk is not an employee and hence the payment made to him is not taxable as salary
10(14) (i) any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, [as may be prescribed], to the extent to which such expenses are actually incurred for that purpose ;
(ii) any such allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at the place where he ordinarily resides, or to compensate him for the increased cost of living, [as may be prescribed and to the extent as may be prescribed]
Provided that nothing in sub-clause (ii) shall apply to any allowance in the nature of personal allowance granted to the assessee to remunerate or compensate him for performing duties of a special nature relating to his office or employment unless such allowance is related to the place of his posting or residence
10(16) scholarships granted to meet the cost of education;
An article clerk is not an employee and hence the payment made to him is not taxable as salary
10(14) (i) any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, [as may be prescribed], to the extent to which such expenses are actually incurred for that purpose ;
(ii) any such allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at the place where he ordinarily resides, or to compensate him for the increased cost of living, [as may be prescribed and to the extent as may be prescribed]
Provided that nothing in sub-clause (ii) shall apply to any allowance in the nature of personal allowance granted to the assessee to remunerate or compensate him for performing duties of a special nature relating to his office or employment unless such allowance is related to the place of his posting or residence
10(16) scholarships granted to meet the cost of education;
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