Last Updated: 1 Jan 2025

At Nationwide Scholar Challenge, we are committed to rewarding the winners of all competition conducted fairly and transparently. This policy outlines the details of prize money distribution and the applicable taxation rules as per Indian laws.

 1. Prize Money Details

- Cash Prizes: Winners will receive cash prizes as per the following structure:

  - 1st Prize: ₹xxx ( Differs for competition’s )

  - 2nd Prize: ₹xxx ( Differs for competition’s)

  - 3rd Prize: ₹xxx ( Differs for competition’s)

  - Consolation Prizes: ₹xxx (if applicable)

- Non-Cash Prizes: Winners may also receive trophies, certificates, or other non-cash rewards.

 2. Taxation on Prize Money

- As per the Income Tax Act, 1961, cash prizes above ₹10,000 are subject to TDS (Tax Deducted at Source) under Section 194B.

 3. TDS Deduction and Process

- TDS Deduction: If the prize money exceeds ₹10,000, we will deduct TDS before disbursing the amount to the winner.

- TDS Certificate: Winners will receive a Form 16A or equivalent TDS certificate, which can be used to claim credit while filing their income tax returns.

- PAN Requirement: Winners must provide their Permanent Account Number (PAN) to receive the prize money. Failure to provide PAN may result in a higher TDS deduction of 30% (under Section 206AA).

 4. Payment Process

- Bank Transfer: Prize money will be transferred directly to the winner’s bank account. Winners must provide accurate bank details (account number, IFSC code, etc.).

- Timeline: Prize money will be disbursed within one or two weeks days of the competition results being announced, subject to the completion of all formalities (e.g., submission of PAN and bank details).

 5. Non-Cash Prizes

- Non-cash prizes (e.g., trophies, certificates, or gifts) are not subject to TDS.

- Winners will receive these prizes either by courier or during the prize distribution ceremony.

 6. Taxation Responsibility

- Winners are responsible for declaring the prize money in their income tax returns and paying any additional tax liability, if applicable.

- Nationwide Scholars Challenge will not be liable for any tax-related issues beyond the deduction of TDS.

 7. Changes to This Policy

We may update this Prize Money and Taxation Policy from time to time. Any changes will be posted on this page with the updated date. We encourage you to review this policy periodically

 8. Contact Us

If you have any questions or concerns about prize money or taxation, please contact us at:

- Email: prizemoneytax@nationwidescholarschallenge.com

-Address: Floor No:07, Lohiya Nagar, Pipiganj, Gorakhpur,Uttar Pradesh - 273165