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

AI Summary

Taxability of prize winnings: classify as winnings or ordinary income to determine reporting, withholding and FEMA compliance. Whether a foreign hackathon cash prize received by an Indian resident student is taxable hinges on classification as winnings/prize income subject to special taxation or as ordinary income under personal slab rates, the correct ITR reporting head, and consequences of no withholding by the foreign payer; related compliance issues include FEMA formalities, recipient TDS or advance tax obligations, and lawful measures to minimize tax exposure while ensuring accurate disclosure.