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