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
Indian student wins hackathon prize money abroad faces tax confusion on Section 115BB applicability A college student and teammate won $10,000 from a hackathon in Berlin, with the prize money being transferred to an Indian bank account and split equally. The student seeks clarification on whether this income is taxable under Section 115BB at 30% plus cess as winnings from a 'game' or as regular income under slab rates in the new tax regime. Key concerns include proper ITR reporting, FEMA compliance requirements, tax minimization strategies, and handling the absence of TDS deduction by the foreign payer. Both recipients are first-time taxpayers without registered businesses. (AI Summary)
TaxTMI 
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