Are student prizes and awards taxable?
Others answers (2)
Many times students won prizes and awards for their performance and in some cases that was in the form of cash. That cash may be taxable or may be nontaxable, it depends on the form, which they are getting an award. If a student gets the prize, which is considered as scholarship or fellowship, then it is non taxable, you don't have to pay any service tax for that. If you won the prize for in a competition, then it may be taxable, depends on the amount he/she won in competition and also on the law of the country or state.
- Show More