Taxation issue for Stipend income.
This query is : Resolved
24 July 2010
A MBBS student doing PG course and received stipend income in same college. Is above amount taxable if yes under which head. Is there is any exemption under Income tax act
24 July 2010
Yes the amount will be taxable under the head "Income from other sources"
24 July 2010
could explain the reason if don't mind
24 July 2010
Dear Stipend is taxable as income from other sources. Only exemption under Income Tax act is under Sec.10 (16) of the Income tax Act, 1961 which says
"scholarships granted to meet the cost of education is exempt from Tax."
"scholarships granted to meet the cost of education is exempt from Tax."
24 July 2010
You can also check detailed discussion in following link---
https://www.caclubindia.com/experts/taxability-of-stipend-401315.asp
https://www.caclubindia.com/experts/taxability-of-stipend-401315.asp
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