Taxability of Stipend Received

Hitendra Agrawal (Job) (29 Points)

05 February 2011  

I am in Receipt of Stipend from my Principal who is a Chartered Accountant.

I wish to know whether Such Stipend Received is Taxable or not?

If the Stipend is Exempt please provide me with the section under which such income is exempt with reasons OR else provide me with the Case Law applicable on this day for A.Y. 2010-2011 and 2011-12?

If the Stipend is Taxable then under which head it should be taxable? 

Please provide me with the Best Solution.