Stipend

MR. ISHAAN COMMENT KYON DELETE KAR DIYA  

Stipend is not taxable, since Employer employee relationship is missing, also being a trainee you do not get all the benefit enjoyed by the employee

STIPEND TO TAXABLE -SEC 10(16)

salary is taxable bt stipnd is nt taxable

i thnk so...............

articleship is apprenticeship and stipnd givn to trainee doing apprentice training is nt taxable and bonus act also doesn't applies to dis.

stipend given to CA articles are exempt u/s 10 ( 16 ), refer to attached case law of                                              " Sudhir Kumar Sharma      V.        ITO  "           seniors reply appreciable

Section 10(16) is not applicable on stipend. it is for scholarship while stipend is not scholarship

Section 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included:

(16) scholarships granted to meet the cost of education;

Is Stipend Really a Taxable Income?????

Dear, Stipend is not taxable under the head salary & in any other heads  because the relationship between article & principle not creat relation of employer & employee. article is not employee for CA he is apprentice. Practicaly   stipen received by article is to.................. much below the taxable income.

Section 10(16) is not applicable on stipend. Section 10(16) is for scholarship while stipend is not scholarship.

Section 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included:

(16) scholarships granted to meet the cost of education;

ICAI has prescibed min Rs.1000/- as stipend but it is not scholarship. Scholarship should be provided by ICAI itself. Also Article may have received Rs.15-20K as stipend from big 4 firms and he can not get his income excluded from the ambit of taxation. Further it is foolish to say that stipend is exempt upto minimum exemption limit only. Thus Stipend is taxable.

according to the salary defition stipend is also a salary and hence it is taxable my friend.

salary doesn't include stipnd

Stipend recd. by an intern does not include in salary, (experts comments welcomed)

AS PER INCOME TAX ACT DEFINITION OF SALARY INCLUDES:- 

              (i)  wages;

      (ii)  any annuity or pension;

     (iii)  any gratuity

     (iv)  any fees , commissions, perquisites or profits in lieu of or in addition to any salary or wages;

      (v)  any advance of salary;

     (va) any payment received by an employee in respect of any period of leave not availed of by him;]

     (vi)  the annual accretion to the balance at the credit of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under rule 6 of Part A of the Fourth Schedule;

    (vii)  the aggregate of all sums that are comprised in the transferred balance as referred to in sub-rule (2) of rule 11 of Part A of the Fourth Schedule of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under sub-rule (4) thereof; and

 [(viii)  the contribution made by the Central Government   [or any other employer] in the previous year, to the account of an employee under a pension scheme referred to in section 80CCD;]