Income Tax Rules For Minors How Much To Pay Know In Details – Tax Rules: Do children also have to pay income tax? Know here what the rule says

Income Tax Rules for Minors: People do different types of work to earn their livelihood, to meet the needs of themselves and their families. Some do a job, some do business, some become an artist or do something else etc. But when we start earning more than the fixed limit, then we have to pay tax to the government. This job is applicable for everyone from profession to people. But in such a situation, the question also arises whether the children who are earning, those children also have to pay tax or not? After all, what are the rules regarding this, which it becomes necessary for you to know. So let’s try to know about this without delay. You can learn more about it in the next slides…

What are the tax rules regarding children?

  • Actually, the way there is a tax rule for big people. Similarly, according to section 61(1A) of the Income Tax Act, 1961, all the money that comes under the ambit of income tax, which is received by minors.

These things are taxed:-

  • Investments made in the name of minors
  • saving account
  • fixed deposit
  • Salary of child actors working in film and advertisement etc.

How much income tax?

  • If we talk about how much income of children is taxed, then according to the rules, if a child below 18 years of age is earning more than Rs 1500 in a month, then it is taxed. However, tax is not payable on earning less than Rs 1500 per month.

Know these things:-

  1. Income from different types of investments made in the name of children or their salary etc. is added to the income of the parents of the children. After this, income tax is levied on the total income of the parent according to the prescribed tax slab.
  2. If the parents of a child are divorced, who is earning. So by law, in whose custody the child is, then the income of the child will be taxed by adding it to his income.

Content Protection by DMCA.com

1 thought on “Income Tax Rules For Minors How Much To Pay Know In Details – Tax Rules: Do children also have to pay income tax? Know here what the rule says”

  1. Pingback: buy generic tadalafil 20 mg from india

Leave a Comment