Taxation of trophies,medals etc.

Awards are exempt by virtue of Section - 10(17A), whether paid in cash or in kind, are exempt from tax -

1. Any payment made in pursuance of any award instituted in the Public interest by he Central Govt or any State Govt. or instituted by any other body and approved by the central Govt.

2. Any payment made as reward by the Central Govt. or ant state govt for such purposes as may be approved by the Central Govt. in this behalf in the Public Interest.