Q1. Whether Amount received during articleship as a stipend to CA Student is Taxable income or exempt income?
Q2.Whether Amount received during Industrial Training to CA Student is Taxable income or exempt income?
please provide your answers with relevant case laws or legal postion as per income tax.
Thanks.
Stipend received by students from a CA as part of articleship training is NOT TAXABLE. It is exempt under section 10(16). Refer the case law of Sudhir Kumar Sharma Vs ITO (1983). As per this caselaw, it is exempt u/s 10(16).
I agree with Krishna
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