Deptt of Science and technology gives Inspire faculty award, I need to know if it is taxable Thanx link https://www.inspire-dst.gov.in/faculty_scheme.H T M L
1 Replies
Raphael
(Chartered Accountant)
(214 Points)
Replied 02 February 2015
As per Section 10(17A)
"any payment made, whether in cash or in kind,—
(i) 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; or
(ii) as a reward by the Central Government or any State Government for such purposes as may be approved by the Central Government in this behalf in the public interest;"
Hence if the award if the dept of science and technology has issued this award in public interest and if the department is a body approved by central govt, then this ward is exempted.
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