I want to create a scholarship program for students in India. I wanted to know if there are any specific rules or regulations for the same. Do I need to obtain permission from any agency to start such a scholarship? Should I sponsor scholarship individually or through my company? Will I get any tax exemption?
1 Answer from Attorneys
Dear Sir / Madam,
In my opinion, there are no specific rules or regulations to follow. Depending on the quantum of the scholarship amount you wish to sponsor and the field of specialization for which you wish to institute awards, you should contact the college or university and announce its commencement. Scholarships are governed by the exemption provisions of Section 10(22) of the Income Tax Act, 1961.
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