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stipend

Vikram Agarwal (Pratice) (67 Points)

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?

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6 Replies

CA. ANKUR JAIN (CA.....) (2800 Points)
Replied 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)
Replied 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 (CA) (1175 Points)
Replied 19 February 2009

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

Bharadwaj (Self Employed) (177 Points)
Replied 20 February 2009

Stipend is an exepmpt income under 10(16)

so no tax for articles !!!

CA Sakshi (CA Practice) (309 Points)
Replied 21 February 2009

Apprentice premium is not taxable and similarly stipend is exempt.

Vikram Agarwal (Pratice) (67 Points)
Replied 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.