Which scholarship are Taxable
It may sound strange to ask which scholarships are taxable especially when we deeply understand the essence of why Scholarships are given. Scholarships are financial aid awarded to individuals, student for the purpose of human capacity development.
Ideally, Scholarships are not taxable because they are not earned income.Revenue, income for work done are Taxable by federal or state inland revenue.Fiscal policy of a state demands that such income be taxed.
The scenario is different when it comes to scholarship. Scholarship for tuition fee, books, and some academic levies are not taxable.While payment for lodge, travel,social levies and other logistics are taxable, that could sound very funny.
Recently, we wrote on the best scholarships for Medicine and Surgery Students who wish to study in Canada
For example, when a student is awarded a $20,000 scholarship for a whole academic year.if he spent $12000 for tutions fee only and $8000 for travel, board,meal and other logistics, the $8000 he spent on travel, lodging and others are taxable.Read more
There are specific reasons why scholarships are not taxable.
- Scholarships for tuition fees or fellowship are not taxable because they are not earned for having done work.No need for akward taxation.
- Can a Government task church donations ? The answer is absolutely no. Scholarship is synonymous to free will to donate to help mankind and better lives, it deserves not to be taxed nor queried.
- Scholarships do not incur taxes because of the people involved, they are usually people of lower class in the society and need not be burdened.
- Benefactors that award scholarships sometimes pay for all tax involved.perhaps they bear in mind the extra financial burden attached to awarding Scholarship to prospective student’s.
- Scholarship is a way of giving back to the society.Its good gesture to give back to the society after it has done good to you.Society molds you in order for you to mould others. Therefore such money that goes back to society need not incur tax since no can eats his/her cake and have, it definitely have a spiritual backing.
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Who Scholarship Walks The Night
The dream of being a scholar can never be emphasized when it turns into the reality of existence or is put into literal work.The night bustler movie who walks the night exemplifies the attitude of a scholar in the other way of life.
The South Korean 20 episodes blockbuster movie features the likes of Lee Joon-gi as Kim Sung-yeo who is the “Night Scholar”, a friend to Son of crown prince Lee Yoon and an admirer.He eventually turns into vampire as a result of the death of his family members.
Lee Yu-bi known as Jo Yang-sun/Seo Jin,a relative to Gwi.After the death of her Dad, found means of survival by becoming a crossdresser and bookseller.She skillfully sold books to make ends meet.
Son of Crown Prince Lee Yoon , Shim Chang-min also known as Crown Prince Lee Yoon who plotted plans to kill Gwi the vampire in Charge of the kingdom.
Gwi is a bad and blood thirsty vampire who had plans to overpower humans and Intimdate their world and comfort.
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