By Admin 
Bihar Board Result 2025 Topper Prize Money: Bihar Board 12th result has been released by Bihar School Examination Board (BSEB). 86.50% of the students have been successful in the 12th board examination. Let me tell you, 12,92,313 stadents attended the Bihar Board, out of which 6,50,466 students and 6,41,847 students, in which 11 lakh 7 thousand 330 students passed. Priya Jaiswal was the first number in the list of toppers released by Bihar Board. He has achieved 484 numbers. In second place was Akash Kumar of Arwal, who secured 480 marks. At the same time, Ravi Kumar of Patna finished third with 478 numbers.
Let me tell you, the reward amount for top-3 students was announced by Bihar School Examination Board. This time the reward amount has been increased. A cash prize of Rs 2 lakh will be given to a student who has secured number one rank in the board examination. Last year, this amount was 1 lakh rupees. At the same time, the reward amount will be given Rs 1.5 lakh and a third rank student will be given Rs 1 lakh on the second position. In such a situation, let us know whether this amount found in the reward is taxed or not. If tax is levied, then students will get how much money for tax.
Tax is also levied on reward
Let me tell you, tax is also taken on the amount received in the reward under the Income Tax Act. However, the rules for this vary. The amount received in the reward is considered to be ‘income from other sources’ and TDS is deducted on it. However, this rule is different in the case of children.
Children have income in two ways
Let me tell you, under the Income Tax Act, the income of minor children has been defined in two ways. One is earned income and the other is unarmed income. The income that the child has earned himself, that is, by participating in a TV show, winning a reward amount or through YouTube or Instagram, it is considered the income earned. On the other hand, if the child has been invested in the name of the child or it is owned by any income, then it is considered to be an income.
Minor children do not have to pay tax themselves
Under Section 64 (1A) of the Income Tax Act, if a minor child earns, he does not have to pay tax himself. This income is decided according to the tax slab of the parents and the child’s income is clubbed into their income. If both parents earn both, then the income of the child will be clubbing in his income and accordingly it will be taxed.
No tax on earnings up to 1500
According to Section 10 (32) of Income Tax, if a minor child earns 1500 rupees every year, he does not have to pay tax. However, more than 1500 earnings will be considered taxable by adding to parents’ income.
Lottery wins tax
If the child has won any amount through the lottery, then TDS will be deducted on it. 30 percent of TDS is directly deducted from such an amount. On this, 10 percent surcharge and 4 percent cess also have to be paid.
Also read: 86.50% students succeeded, Priya Jaiswal became the topper