income tax on stipend above 26000

ya you should file ur return and pay income tax.

stipend should be shown in other sources

Well I hate to say this but its taxable Dr.

stipend will b taxable..

Is it per month? If it is then unfortunately, Stipend is taxable under the head Income from Other Sources.

Regards,

Devendra P Kulkarni

It is taxable under the head income from other sources.

As per Income tax Act 1961

Stipend is taxabale under the head other source

you file to ITR IF your income above 1,60,000

The stipend will be taxable under the Income from Other sources and you will get the deduction u/s 57 in respect of the expenditure incurred to earn the stipend income. furthermore, you will get the basic exemption limit also applicable for the relevant assessment year.

ya its taxable.....stpnd is also part of income under other sources

Hi Doc.,

Stipend definately taxable. Since, this is taxable under the head income from other sources, u will get the deductions for expenses incurred in performing duties under sec . 57(iii) provided folowing conditions satisfied ::

1. expenses is not an capital expenditure.

2. Expenses must be laid out or expended in earning the relevant income.

3. Expenses must not be incurred for personal purpose.

Regards,

Manoj

Hi All,

Is there any specific section which states that monthly stipend will be treated as income from other sources and not as a salary income?

Kindly advice.

Thanks

Aman

hi ,

I am working as a RA at HPLC. my net salary is 5,80,000/ annum. i am not receving any payslip from company. What are the mehtod to save tax? Since HRA and other are not applicable for me in absence of payslip.