Receipt of award - Taxability

Tax queries 1125 views 3 replies

An employee has received an award of Rs.100,000 from Department of Excellence in Science.

Is this amount of Rs.100,000 taxable in the hands of the employee?

Replies (3)

Hi Shrilakshmi,

Yupp.. it is taxable in the hands of employee, if it is in relation to his employment then under the head salary otherwise under ncome from other source. If it would have been scholarship then he/she can be exempted from tax u/s 10(16).

Thanks.

But this is received from "THE INDIAN SCIENCE CONGRESS ASSOCIATION"

Still is taxable in the receiver's hands?

Well Shrilakshmiji if the Association is registered u/s 12AA or 10(23C) then such award received shall be exempt u/s 10(17A) otherwise taxable as above. So you need to check it from the Asso.

Happy to help,.,,..!!!


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