Are academic cash awards taxable?

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Student
24 Points Posted on 24 July 2012

Hello everyone,

I recently secured a good rank in an All India level entrance exam for which I have recieved around Rs. 15 lakhs from different sources (like college and coaching centre). I was wondering whether these cash awards are taxable? If so, what is the rate of tax and do I have to fill a tax return? (I am 20 years old, am still in college and have no other source of income)

Thank you in advance.

Regards,

Rohit

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On 24 July 2012 at 05:05 Report
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Landmark Group
23517 Points Posted on 24 July 2012

IF YOU ARE GETTING THE SAME FROM GOVT ORGANISATION THEN IT IS NOT TAXABLE ELSE YOU HAVE TO FILE INCOME TAX RETURN AND PAY THE TAX ON INCOME TAXABLE INCASE OF YOU.

 

upto 190000 no tax

190000 - 500000 10%

5 lacs to 8 lacs 20%

above 8 lacs 30%

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On 24 July 2012 at 07:21

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