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Can a 17 Year Old boy with Indian paypal fill full taxes?

Discussion in 'Business & Tax Advice' started by Evan Foster, Oct 8, 2011.

  1. Evan Foster

    Evan Foster Junior Member

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    Just curious

    I have brother of my friend in IN and brother is working and getting payments via paypal with a PAN CARD attached (Minor with signature of father and no photo).

    17 YO brother wants to fill full Taxes without showing any expenses.

    Will age be the problem there?

    of course he want to be full honest with taxes.


    Thank you for your suggestion!
     
  2. Evan Foster

    Evan Foster Junior Member

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    Help---
     
  3. howard_hughes

    howard_hughes Elite Member

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    He should talk to an accountant.
     
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  4. Evan Foster

    Evan Foster Junior Member

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    He is an asshole.

    first he will save all taxes to 1% by showing fake expenses and then he will manage case with income tax department so that the tax payer will pay a big fee to Accountant + IT department as case settlement fee.

    they do nto favour to pay even 5% tax on whole earning.
     
  5. SahL

    SahL Elite Member

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    if the earning is more than 1.6 lacs
    and if he has a pan card he will have to pay taxes.

    age dont matter.
     
  6. Evan Foster

    Evan Foster Junior Member

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    Sure he gonna pay 30% then.

    Thanks
     
  7. srb888

    srb888 Elite Member

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    It's not 30% straight tax for everyone... there are slabs starting from 10% on INR 1.8L (and above) earnings per annum, and the tax amount too will depend on how much the tax-payer can legally deduct so that the actual %age can be still much lower...

    Any child can get the PAN number. Anyone can file an IT Return provided he has some income, and even filing the IT Return is not compulsory in some cases, but it is better if the ITR is filed whatever the income. Of course, eligible tax payer can only show the income without showing the expenditure if he wishes to (and vice-versa is not allowed, of course) :). Age is not a problem for paying the IT or filing the ITR.

    HTH.
     
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    Last edited: Oct 9, 2011
  8. tokokipiani

    tokokipiani Power Member

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    I will answer no , I know that you should be more than 18 years old!
     
  9. zanesta

    zanesta Regular Member

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    Talk to an accontant
     
  10. GauravJ

    GauravJ Power Member

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    As per Indian tax laws Income earned by a minor from sources other than application of his talent and skills is taxable
    and assessed in the hands of parents.
    So it will be added up to your father's income and then tax will be calculated thereon.

    If it''s still unclear feel free to contact me.

    source:- Experience over working as a Professional Tax Practitioner.