Income tax applicability to buddhist monk.

Tax queries 428 views 4 replies

Hello Experts, 

Does buddhist monks in India need to file an Income tax?. If "Yes/No", can I please get a referece to the acts & section stating the same?. 

No source of Income. 

THanks. 

Replies (4)

If his income does not exceed basic exemption limit, no need to file Income Tax returns which is applicable to all Individuals.

Hello CA. Ankit-

Thank you for your reply. Is there any provision for expemtioin for buddhist monks or individuals serving the Gods?. Also, what is the article/section that points the exemption for income limits?.

 

No there is no exemption for Buddhist Monks or Individuals serving Gods.  The Limit of Rs. 2.5 Lacs is applicable for all Individuals . Please refer First Schedule of Finance Act, 2017 for Rates of Tax and Exemption Limits

" Does buddhist monks in India need to file an Income tax?. If "Yes/No", can I please get a referece to the acts & section stating the same?. "

"No source of Income." 

Do you mean to say they do not earn anything ???

Then why do they renounce the family? the comforts of life? the world as a whole ???

Where is the question of basic exemption limit? What source of monetary income they have?? 

The non-monetary income they earn is beyond the scope of any act..... IT/GST/Wealth/P Tax/any any act !!!

In reality what they earn in prayer/meditation ....... i.e. love, peace, bliss, power....... is beyond imagination.......

There only Cosmic Law apply...... which do not levy any tax......... Tax-Exempt !!!


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