15 year old Vaibhav Suryavanshi, who made headlines with his explosive batting in IPL, has now become a big name in Indian cricket. At a young age he has earned crores of rupees. After this, this question is arising in the minds of people whether they will be exempted from income tax because they are minors or whether tax will be applicable on their income also. Special rules have been made in the Income Tax Act for such cases, under which there is a separate provision for the income of minors who earn on the basis of talent.
Generally, under the Income Tax Act, the income of a minor child is added to the income of his parents. This is called clubbing of income. After this, that income is taxed as per the tax slab of the parents. However, there are some important exceptions to this rule. If a minor earns money on the basis of his special talent, skill or hard work, his income is not added to the income of the parents. This includes income from sports, acting, singing, art or other professional talents.
Vaibhav Suryavanshi's earning is due to his performance and talent in cricket. Therefore, as per income tax rules, their income will be considered as independent income. That means their earnings will not come under the purview of clubbing of income. However, this does not mean that their income will be completely free from tax. If their total income exceeds the limit set by the Income Tax Department, then tax will be payable on it as per rules. Since Vaibhav is still a minor, the Income Tax Return (ITR) in his name will be filed by his parents or legal guardian. Details of his cricket earnings, brand endorsements, prize money or other sources of income will be given in the return.
Vaibhav Suryavanshi has attracted the attention of the cricket world by his brilliant performance in the last two IPL seasons. Impressed by his game, the selectors gave him a chance in the Indian team. Chief selector Ajit Agarkar also admitted that Vaibhav forced the selectors to choose him on the basis of his performance. This success achieved at a young age is making him a rising star of Indian cricket.
