stipend

Tax queries 1085 views 6 replies

Vikram Agarwal

Pratice

67 Points Posted on 19 February 2009

Can stipend can be included as income while fiiling is return? if yes under which head?

As i am aricle whether it is ok to file the return?

Replies (6)

CA. ANKUR JAIN

CA.....

2800 Points Posted on 19 February 2009

it should be covered under salary head..............

yeah if u wnt to file ur return u can include it tooooooooo........

CA. Ashok shah

CHARTERED ACCOUNTANT

333 Points Posted on 19 February 2009

The Jaipur Bench of Tribunal in case of Sudhir Kumar Sharma Vs. ITO (1983) 17 TTJ 228, held that the stipend received by articled clerks from their employers, the chartered accountants, is exempt u/s.10 (16) because such stipend is paid to an articled clerk in order to enable him to meet out the cost of books, examination fees, coaching fees etc.

C.A. M.Com. Suhas A. Nagpure

1175 Points Posted on 19 February 2009

Thanks for the information............

Bharadwaj

Self Employed

177 Points Posted on 20 February 2009

Stipend is an exepmpt income under 10(16)

so no tax for articles !!!

CA Sakshi

CA Practice

309 Points Posted on 21 February 2009

Apprentice premium is not taxable and similarly stipend is exempt.

Vikram Agarwal

Pratice

67 Points Posted on 23 February 2009

Originally posted by :CA. ASHOK SHAH

Thanks for the Information.

But if I show it as salary received from the CA. and i file the return. Does it will harm me?

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The Jaipur Bench of Tribunal in case of Sudhir Kumar Sharma Vs. ITO (1983) 17 TTJ 228, held that the stipend received by articled clerks from their employers, the chartered accountants, is exempt u/s.10 (16) because such stipend is paid to an articled clerk in order to enable him to meet out the cost of books, examination fees, coaching fees etc.