Are academic cash awards taxable?

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

Replies (1)

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%

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
09 September 2026
Chartered Accountant

Aviv Global Private Limited

Ahmedabad

CA

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details