Tax on Stipend recd as industrial Trainee

Tax queries 1490 views 8 replies
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Article trainee
35 Points Joined September 2008

Whether stipend received as industrial trainee is exempt or taxable?

Please help

Thanks in advance.

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On 04 February 2010 at 09:19 Report
Replies (8)
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Student
40 Points Joined May 2007

hi,

Stipend received by an industrial trainee is completely exempt.

Regards,

Mohit Sharma

NTPC LTD.(Industrial Trainee)

1 Reply
On 04 February 2010 at 11:18
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Article trainee
35 Points Joined September 2008

Please provide any case law or section under which it is exempt.

 

Thanxs

 

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On 04 February 2010 at 11:50
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Learner
4016 Points Joined December 2009

Dear Khusboo,

PFA

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On 04 February 2010 at 11:57
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Chartered Accountant
2731 Points Joined January 2008

IT IS TAX EXEMPT U/S 10(16) OF THE IT ACT, 1961.

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On 04 February 2010 at 12:43
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Country Analyst
505 Points Joined October 2008
Yeah section 10(16) of IT ACT provides an exemption for stipend received provided it is given for further or continuation of the same course for which the stipend is paid
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On 04 February 2010 at 22:53
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Asst Mgr-Taxation
6918 Points Joined April 2009

Thanks Mr Amir for the attachment

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On 05 February 2010 at 08:32
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Article Clerk
22 Points Joined December 2008

whether it is taxable even If same stipend is received after completing CA course for balance articleship ??

 

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On 05 February 2010 at 09:26
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Learner
4016 Points Joined December 2009

Dear Balakrishna,

I also doubt that the case will hold good in the remaining period of articleship after qualifying exams.........

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On 05 February 2010 at 10:20


CCI Pro

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