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    12345anand's Avatar
    12345anand Posts: 1, Reputation: 1
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    #1

    Dec 26, 2012, 01:20 AM
    Accounts
    I am a student of a recognized professional institute. I have received a cash award on some achievement. What should be the journal entry and tax implication.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 26, 2012, 06:33 AM
    It is probably considered to be an untaxed grant. Your best bet is to ask the giver of the award how it is treated tax-wise.
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