Sponsored
    Follow Us:
Sponsored

Income of minors – to increase exemption limits under section 10(32)

Issue/Justification

At present income of minors included in the hands of parents is exempt to the extent of Rs.1,500/- for each minor. The average expenditure to meet cost of a minor’s education/health/living expenses which has gone up considerably in recent years, limit of Rs.1,500/- fixed is woefully inadequate.

Suggestion

It is suggested that this should be raised to at least Rs.10,000/- for each minor child.

(SUGGESTIONS FOR RATIONALIZATION OF THE PROVISIONS OF DIRECT TAX LAWS)

Source-  ICAI Pre-Budget Memorandum–2018 (Direct Taxes and International Tax)

Sponsored

Tags:

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

3 Comments

  1. Adv Jignesh P. Shah says:

    Even Rs.10,000/- per Child is VERY LESS in Cities like Mumbai !
    So, Rs.20,000/- per Child will be Reasonable ( Total Rs. 40,000/- for Two Children )!
    Or else, in Metropolitan Cities, Rs. 20,000/- per Child & Other places, Rs. 10,000/- per Child !

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Sponsored
Search Post by Date
November 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930