Muthukumar Ramalingam (Director) 26 October 2010
Section 10 of Income Tax Act,1956, lists down Incomes which are Exempt from Tax.
Section 10(17A) of Income Tax Act,1956 specifically talks about Awards and Rewards.
As per Section 10 (17A) - Any payment made, whether in cash or in kind, - In pursuance of any award instituted in the public interest by the Central Government or any State Government or instituted by any other body and approved by the Central Government in this behalf--- is exempt from Tax.
I would like to know if there is a tax exemption for Shanti swarup bhatnagar award 2009 / 2010.?
The Shanti Swarup Bhatnagar Prize for Science & Technology was instituted in 1957 in the name of our founder Director General and the principal architect of CSIR. The Prize has now become the most coveted national recognition for scientists and engineers. In the last forty years (between 1958 to 1998) a total of 334 scientists and technologists from all over India have won this prestigious award in their own disciplines of research work.