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NO TAX ON STIPENDS & SCHOLARSHIPS
Posted by
mukesh patel in
Save Tax - The Smart Way, Tax Clues - Ahmedabad Mirror on
Nov 29th, 2010 |
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Amounts Received to Meet Costs of Education & Training
Are to be Treated Tax Exempt, Even if Not Fully Spent!
Under Section 10(16) of the Income-tax Act, any scholarship granted to a person to meet the cost of education is exempt from tax. The term ‘scholarship’ should be interpreted liberally and it would also include within its scope and ambit, amounts of fellowships, stipends, grants for travel and incidental expenses, etc. awarded for acquiring education. (more…)
