23 April 2014
Hi, Sir/Madam, If a minor come in major in same previous year so who is liable to file return self or guardian in related assessment year.
23 April 2014
income till the day he/she turned major is to be included in the parent/guardian's tax return. post turning major income is to be included in his/her income tax return. so effectively, his/her income shall be divided in two parts for this particular year and accordingly reported to the tax department in respective returns.
23 April 2014
This issue actually holds 2 opinion. Some are in favor of segregating the income as before attaining majority and after attaining majority, while some consider to take it as per his age as on 31st march. If it is practically possible to segregate the income into before and after periods then you can go with it otherwise file the return as major if he attained so as on 31st march.
23 April 2014
i dont know how is it practically impossible. you may follow any accounting method, it provides enough scope for segregation - be it based on accrual or on cash.
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