Do Scholarships Count as Income?

Scholarships are they considered income; are they taxable or tax-free? This article will assist you in reconciling this minor ambiguity among various scholarships and determining whether they are taxable or tax-free. Students attending a college, university, or other recognised educational institution can usually avoid paying taxes on at least a portion of their scholarship earnings. In general, you are not required to pay taxes on scholarship funds used to cover the basic expenditures of your education. This implies that if your scholarships are used to access courses or for particular materials required for your course of study, you are unlikely to need to count them as income or pay tax on them.