WebApr 15, 2024 · There is no specific mention of stipend whether it's taxable or not under the Income Tax Act. The inference can be taken from section 10(16) which states the non-taxability of “scholarship granted to meet the cost of education”. Now, the question is whether a stipend should be considered as a “salary” or “scholarship”. While calculating the tax liability of an individual, there are certain income sources that do not form a part of the total income. Section 10 of the Income Tax Act 1961 includes all those exemptions that a taxpayer can get while paying income tax. See more Section 10 of the Income Tax Act maximum limit is of Rs.2.50 lakhs for people below 60 years of age and Rs.3 lakhs for individuals above 60 below 80 years and … See more If you are wondering how to claim an exemption under Section 10, you can do it by filing an income tax return. See more Section 10 contains all the exemptions that an individual can opt for under the Income Tax Act. They include gratuity, travel allowance, rent allowance, allowance … See more Leave encashmentreceived at the time of their employment is fully taxable and forms part of ‘Income from Salary'. However, if you are a government employee (State … See more
Scholarship exemption Section 10(16) Income Tax Act 1961
WebNov 10, 2024 · Any payment made from a sukanya samriddhi account is exempt from tax under section 10(11) of the Income Tax Act, 1961; explore our article on Section 80GGC. … WebJun 16, 2024 · 3. Deduction for professional tax paid on salary income under Section 16 (iii) Certified Tax based on Section 16. The deduction for employment tax is allowed by Section 16(iii) of the Income Tax Act. A taxpayer may deduct the sum paid on account of an employment tax or professional tax under section 16. The employment tax is described in … high school for construction engineering
Is Stipend Income Taxable? - ClearTax
WebDec 23, 2024 · The educational institutions of first-class dealt with Income Tax is funded by the Government. The revenue received by any university or educational institution that comes for educational purposes only and is subsidized by the Government is fully exempted from tax under Section 10 (23C) (iiiab). WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has revised the income tax slabs under the new tax regime to make it more attractive in comparison to old tax regime.Further, many other benefits have also been brought under … WebJan 19, 2024 · The income earned from a partnership firm as per the pertinent deed is eligible for tax exemption under Section 10(2A) of the Income Tax Act. For example, if … how many checks is biweekly