Asha, who has regaled music lovers with her melodious voice in her over six decades old career, will receive the Phalke Ratna Award from the academy, while Mala Sinha, who has acted in "Pyaasa", "Maryada" and "Hariyali Aur Rasta" will get the Golden Era Award.
A special award has been reserved for the late Yash Chopra, who, in his dynamic career, emerged as one of the most iconic filmmakers of the country, offering the best in romance, action and even social dramas.
The 'First Superstar of Indian Cinema' award has been rightfully reserved for Rajesh Khanna, whose death in July 2012 left his millions of fans mourning across the country.
His estranged wife, actress Dimple Kapadia will receive the Phalke Ever Memorable Award, while their son-in-law Akshay Kumar will be given the best performance award for "Rowdy Rathore". Akshay is married to Rajesh-Dimple's elder daughter Twinkle.
As many as 40 honours will be presented to people from various fields at the event, Prabhat Pandey, secretary of Dadasaheb Phalke Academy, told IANS.
A statue of Dadasaheb Phalke, who made the country's first silent film "Raja Harishchandra" a century back, will be unveiled at the event. The statue will later be placed at the Dadasaheb Phalke Chitranagri, better known as Mumbai's Film City.
Former Indian president Pratibha Patil will be the chief guest for the event.