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Taxability of Stipend

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(Querist)
27 May 2008 Kindly let me know whether Stipend paid to Articled Student (Pursuing CA) is taxable.
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Shekar

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Shekar (Expert)
27 May 2008 No it is not taxable..
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CA Harsha.M

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CA Harsha.M (Querist)
27 May 2008 Under which Provisions of Income Tax the same is not taxable.
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
27 May 2008 is taxable in the hands of article u/s 56 income from other sources
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Manish Agarwal

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Manish Agarwal (Expert)
28 May 2008 No it is not taxable because there is no specific charging section for the same. Any income can not be brought to tax inthe absence of a specific chrging section and computation section. Merely because an income is not taxable under any of the preceding four heads it can not be said that the same is txaable under other sources. This has been upheld by the Hon'ble Apex Court in a number of judicial pronouncements.
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SANDEEP AGGARWAL

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SANDEEP AGGARWAL (Expert)
29 May 2008 Dear Harsha,
It is taxable. I never seen any Judgement where such type of income is treated as exempted. Even I think it is taxable u/h Salary because more or less article clerk is clerk only and employer employee relation prevails in that case.

Regards
CA. Sandeep Aggarwal
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