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income tax on stipend above 26000

Dr Amjad Shaikh (se resident doctor) (24 Points)

01 December 2010

hi,

i am dr amjad. i m doing my Mch in Cardiovascular surgery in mumbai which is under maharashtra government.

my stipend is 26,750 rupees. i dont have any other source of income. so my question is whether i have to pay income tax returns? if yes can i get that rule?

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12 Replies

CA Atul Singhal (prop) (450 Points)
Replied 01 December 2010

ya you should file ur return and pay income tax.

stipend should be shown in other sources

Rahul Agarwal (Future CA) (217 Points)
Replied 01 December 2010

Well I hate to say this but its taxable Dr.

CA PuRvI M!$rA (-) (2260 Points)
Replied 01 December 2010

stipend will b taxable..

Sunshine (Helping All) (10575 Points)
Replied 01 December 2010

Originally posted by : PuRv! M!$rA
	stipend will b taxable..

Devendra (Chartered Accountant) (4775 Points)
Replied 01 December 2010

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

Regards,

Devendra P Kulkarni

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 01 December 2010

It is taxable under the head income from other sources.

Nitesh Mangal (CA-PCC Articale Assistant) (269 Points)
Replied 01 December 2010

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

Azim Khan ACA,CS,CMA*,LLB* (Proprietor) (1312 Points)
Replied 01 December 2010

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.

punit (CA final) (290 Points)
Replied 02 December 2010

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

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 02 December 2010

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

aman gupt (FPS) (49 Points)
Replied 29 January 2011

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

raj (RA) (21 Points)
Replied 24 December 2013

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.