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STIPENDS ARE TAX EXEMPT!

Stipends, awards, fellowships & grants for education have been held as scholarships exempt from tax! 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’ has been interpreted liberally to also include within its scope and ambit, amounts of fellowships, stipends, grants for travel and incidental expenses, etc....

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