Attained 18 years of age
This query is : Resolved
20 June 2014
An individual has attaind 18 years of age in financial year 13-14. During this year, he has net income of Rs. 2.5 lakhs. What would be his income tax liabiliry ?
Please quote the relavant sections also.
Thank you in advance
20 June 2014
there are two views on this:
according to one view, income earned till the day he turned 18 should be clubbed with parent with higher income and income earned subsequently should be taxed in his own tax return
another view is that the whole of the income should be taxed in individual's return. in this case tax liability shall be Rs 3,090
according to one view, income earned till the day he turned 18 should be clubbed with parent with higher income and income earned subsequently should be taxed in his own tax return
another view is that the whole of the income should be taxed in individual's return. in this case tax liability shall be Rs 3,090
20 June 2014
he can file return for the year 2013-14 and his income exceed rs. 200000/-
and if he have no invest for deduction u/s 80 then he have to pay tax on above income Rs. 3090.
and if he have no invest for deduction u/s 80 then he have to pay tax on above income Rs. 3090.
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