Is tax applicable for Hackathon prize

[Sidharth]

I’m a college student in India who, with a teammate, won $10,000 (~?8,30,000)a hackathon (Berlin). The prize is sent to my Indian bank account from Germany, split equally (?4,15,000 each). Is this taxed under Section 115BB (30% + cess) as a 'game,' or as normal income under slab rates (new regime, potentially ?0 tax)?

No TDS was deducted (foreign payer). How do we report this in ITR, ensure FEMA compliance, and minimize tax? First-time taxpayers, no business registered. Please advise

[FCA Adv amit aggarwal]

tax liability was depends on your residential status - first provide your days of stayed in india on such financial year .

after it we can easily to understand - which provisions of income tax Act shall apply

AI Summary

Residential status determines tax treatment of a foreign hackathon prize before the applicable Income-tax provisions can be identified. Tax liability on a foreign hackathon prize depends on the recipient's residential status. The applicable provisions of the Income-tax Act cannot be identified without first determining the number of days stayed in India during the relevant financial year. Once residential status is established, the relevant taxing provisions can be ascertained for the prize money received in an Indian bank account from a foreign payer.