Scholarships are one of the numerous ways government and private organization are using to provide access to quality education and resources to privileged applicants who are outstanding in their academics, and are able to secure a fully or partially funded scholarship program from the government or private organization. Here our concern is how many scholarship can I apply in Mahadbt.
HOW MANY SCHOLARSHIP CAN I APPLY IN MAHADBT
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MahaDBT is an online scholarship portal of the Maharashtra Government, which allows around 38 post-matric scholarships in different departments under the state government. This scholarship are available for the students who resides in Maharashtra, and the can apply for these scholarships using the MahaDBT portal. Eligible students are able to secure Scholarship amount INR 8,000 per month plus INR 10,000 extra annually.
WHEN WILL MAHADBT SCHOLARSHIP MONEY COME
Having known about scholarships available, one may ask when will Mahadbt scholarship come. MahaDBT scholarship disbursement are only eligible to students who have their application approved. Then students receive their scholarship benefits directly in their Aadhar Linked Bank Account in two installments. To receive their first installment student must redeem their scholarship voucher when they receive notification that their first installment is ready for disbursement.
Students can redeem their voucher by clicking on the Redeem Button on their dashboard before the voucher expires, as once the scholarship voucher expires you will not receive your scholarship benefits.
After redeeming the scholarship voucher the student will receive a scholarship benefits in 2-3 days, though in some cases it can take longer. After the first installment is disbursed successfully, student will receive the second installment after some weeks or even the next month.
Student are to redeem their second installment just like the redeemed their first installment, when the receive notification that their second installment is ready for disbursement.
WHAT SCHOLARSHIP MONEY IS TAXABLE
So let’s look at what scholarship money is taxable. But just before that, take a minute to ponder – is scholarship money considered income? The answer to this question points to what scholarship money is taxable.
Scholarship money are mostly tax free but some scholarship money are taxable especially when student spend scholarship funds on expenses not related to their basic educational needs.
Students seems to be confused as to what scholarship money is taxable, though most confused students might have spent scholarship funds on expenses that are not related to their basic educational needs and hence such student scholarship are taxed. Thus this brings us to the question what scholarship money is taxable.
Student generally won’t have to pay tax on scholarship money used to pay for basic expenses related to their education as IRS calls these ” qualified educational expenses”. Some qualified educational expenses include tuition and student fees as well as required equipment, supplies or books for your courses.
Expenses on this educational requirements from scholarship money are tax free. However, expenses made on rent or board, utilities and other expenses including school supplies not listed as required in your program, are taxed and counts as income when calculating your tax liability.
WHEN DID SCHOLARSHIP BECOME TAXABLE
Finally we will answer the question when did scholarship become taxable? Scholarships, grants and fellowship where all tax free, no matter what the funding was used for, until in 1980 when the first major change to this system came when the Tax Treatment Extension Act was passed. This amendment made scholarship taxable if the are considered ” fees for services ” and this marked the beginning where scholarships were regarded taxable.
Though the 1986 Tax Reform Act added significantly more potential taxation to scholarship fund, the law specified portions of scholarship aid used for travel, research expenses and living would be treated as taxable income. Later amendment later eased some tax burden for graduate and student teachers. The current law states that scholarship for non degree students are also taxable.