The income tax rules: Do children also have to pay income tax Know what the rules are

The income tax rules: Do children also have to pay income tax Know what the rules are

Income Tax on Children: Under Section 61 (1A) of the Income Tax Act, all the money received by minors comes under the purview of the Income Tax Department. This is the reason why fixed deposits or money invested under any scheme in the name of minors comes about tax and is taxed. Apart from this, the salary of children working on any film or advertisement also has to be taxed.

When and how much to pay

Let us know that if the salary of children under 18 years is less than ₹1500, then it is not taxed If it is more than ₹1500, then tax has to be paid on it

How does the tax work

Taxes on children’s salaries and investments made in their name by their parents are deducted by adding them to their parents’ income. For which, first of all, the total income of the parent has to pay income tax according to the prescribed tax slab.
If both parents of a child are working and both are aged. In such a case, the age of the parent is deducted by adding the amount of his child’s age.
If a child’s parents are divorced, the child is raised in the custody of a guardian. The children’s eye is added to its eye regardless of whether the child came from its source or not.
If the child is an orphan, he is not obliged to pay income tax at his level He will not be added to his guardian’s income.
If a child is disabled or has a disability, then his / her age under Section 80U of the Income Tax Act will not be added to the age of his / her guardian, which does not come under the tax net.
If any minor is placed in the category of disabled, such as, he is a victim of deafness, eyesight and anaemia in addition to mental illness or physical illness, then he is not charged more than 40% tax.

Previous articleThe Uttarkashi tunnel: How to bathe in the tunnel for 17 days… .How’d you get to the toilet? The story told by the worker
Next articleAll you need to know about the Royal Enfield Shotgun 650
Ashok Kumar Gupta
KnowledgeAdda.Org On this website, we share all the information related to Blogging, SEO, Internet,Affiliate Program, Make Money Online and Technology with you, here you will get the solutions of all the Problems related to internet and technology to get the information of our new post Or Any Query About any Product just Comment At Below .