Devgan, who won the National Award for his performance in The Legend of Bhagat Singh last year, will be presented the award at a function on December 13.
Urmila Matondkar, his co-star of Bhoot, will be awarded the Actress of the Year at the function for her work in the last decade.
IAS is a forum for intellectual and cultural exchange and promotes friendship between the people of India and America.
The award aims at recognising the contribution of youth to the society.