Doubt about the income tax - Section 194B

Deep (NA) (26 Points)

18 June 2013  


Last year I took part in one of the Business plan competition and won a prize amount of Rs 1 lakh. I am sure that the competition can not be regarded as a lottery at it was skill based and had multiple rounds of presentation/evaluation of our submission. Now, I have recieved the cheque and found that the issuing authority hasn't deducted any TDS on the prize money, probably due to the nature of the competition.

Now, the question is do I need to pay any kind of tax on the this prize money? If yes, then under which head of income would this amount come in? ( I think it should be "income from other sources").

Another question is under which year this income should be shown during filling my tax return forms? - The competition started around dec 2012 and we were declared the winners of the prize money by Feb 2013. But the cheque is recieved by me now ( June 2013).  In short, I earned the prize amount during last financial year but got the cheque this financial year.The issue is I didn't have any income last financial year 2012-2013 so if I show the income during filling my taxes this july, my total income will be below the income tax exemption limit. Please clear my doubts.