S
Shubha
Hi. My son who is 16 yrs old student is freelancing web development for a client directly ( not through portal). He is being paid 3K- 5K for his work . Since he is a minor with no bank account or PAN or isnt registered the money is being paid to my gpay account. Also I am an employee of private firm and paying taxes for my salary.
The client is now asking him to issue a invoice from an invoice generator (without tax or GST) in his name. Is it legal to issue an invoice in son's name when he isnt registered and when this amount isnt declared in my tax filings ? How do we go about this in a legal way?
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Hello,
Income of minor is clubbed with the income of that parent whose income (excluding minor's income) is higher, for income tax provisions.
Minors have no capacity to contract and therefore the guardian of the minor can issue invoice and make compliances.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
Hi,
I concur with CA Hunny's views, but there is a major digression.
Clubbing applies in case of passive incomes only.
When a child earns an income by way of any work or from an activity for which he uses special talent or knowledge, the minor is required to file an income tax return.
Please advise in case of any other clarification.
Thanks & Regards,
CA Aditya Dhanuka
98365 43836
Therefore, in this case Ms. Shubha, you need to apply for PAN of your child and issue the invoice in his name itself.
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Alok
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Anurag Mishra
Can intials in father name be printed on PAN CARD ??I am facing issue .. e.g. name is R.P Singh
According to Rules for allotment of PAN, we cannot provide initials for Father Name
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Akshay Singh
Hello...im from rajasthan...ii want to open a firm of financial services...my work is i will give fixed returns on investment of investors of my firm.....i want to know how to open this type of firm and what is rules and regulations for this?
Need clarification on whether you would be investing on their behalf, or investors would be investing in a scheme framed by you? rules regulations differ based on the core concept
CA Yash Jain 1 Oct 2021For Detailed Explanation, kindly book a consultation by sending email to admin@finaco.in
CA Naman Maloo 10 Oct 2021How will you give fixed return?
Will you give this amount to other person as loan?
Or invest in stock market?
Please elaborate more..
You also need to consider NBFC laws.
If you need any consultation you can book one at: https://www.taxontips.com/tax-notice-personal-consultation/
I
Irfan Pathan
Compensation received by assesse for his injury in motor accident is non taxable or taxable
Dear Irfan, If you have received any amount from Insurance Co. or Mediclaim Co. then it is not taxable.
For Further query you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
