Tax applicability on Stipened
This query is : Resolved
13 August 2008
Can anyone will help me in solving one query that : is stipened which is recd by me in Articleship period is taxable in my hand. Also is that stipened amt paid by my Sir is given as deduction in there computation of Income from Business & Professions?
13 August 2008
If the stipend received is more than maximum taxable income obviously it is subject to income tax. The stipend paid is a deduction from the professional income of the payer.
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