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Getting money by editing videos on youtube, will it be taxable ?
23-Nov-2023 (In Tax Law)
Respected Sirs, My son (14 years old) is editing computer games in youtube. He is supposed to get some amount for this creativity. Should I pay income tax from the received amount in India or not. I am working in private company. BRegards,
You have mentioned 2 things here- 1) Your child is minor (14 year old) and 2) He will earn income on account of creativity/ special knowledge.
Section 64 (1)(A) of the Income Tax Act specifies that the income of the minor child will be clubbed with the income of his/her parent and the parent shall be liable to pay income tax on the income received by his/her child. However, this section will not apply in case when the income will be accrued on account of his/her creativity or knowledge. In such cases the income tax will be payable by the child, if the income received crossed the exemption limit. So, in light of the present facts, it can be understood that the income received by your child will not be clubbed while calculating your total income and the same will be taxed separately in case when the income earned crossed the statutory exemption limit i.e Rs. 2,50,000/- for Financial year 2017-2018.
So, if your child accrued income exceeding Rs. 2,50,000/-, Income Tax shall be payable over and above the exemption limit.
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Adv. Nitesh Shrivastava
Adv. Nitesh Shrivastava
Delhi | 25+ Answers
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yes pay income.tax because.it.will be benefit.for.u and your family you will.get more benefit from it is good you pay tax and all because it.will help himyou and you also if you pay it for it will also help more
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Adv. Yash Karan Jain
Adv. Yash Karan Jain
Delhi | 400+ Answers
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Yes, This is income of minor and taxable with you. This is income from services what ever you are doing and getting fund in this regards is taxable in any condition. As per income tax acts whatever you are getting ( other than gifts from blood relations) and you do not have to return back may call income.
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Adv. Brajesh Kumar
Adv. Brajesh Kumar
Delhi | 25+ Answers
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As your son is minor his income clubbed with your income. You have to pay tax on what ever he earn from Youtube & won’t get any exemption but can deduct expenses incurred for earning income from Youtube. e.g. Your internet bill, computer maintenance expenses, telephone bill etc.
You will have to pay tax on your profits after deducting the expenses.
And If its is the only income you earn and your (son's) gross receipts from Youtube are less than Rs. 2 crores, you just need to pay tax on 8% (minimum, can be higher if you want to) of the receipts.
Tax = Total Receipts x 8%( minimum) x Tax rate applicable
Note: It has been reduced to 6% for the Financial Year 2017–18.
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Adv. Tulasa Neupane
Adv. Tulasa Neupane
Delhi | 25+ Answers
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Hi sir
This query if yours is pretty ambiguous in nature as i will need more information from your end to answer the query
But I’am still making an attempt here to help you.
In this case you will have to pay tax of the income that has has beee earned is above the tax slab of 2.5 lakhs and moreover if your son is working in his individual capacity then I believe that the people to whom he rendered his services must have deducted TDS and credited the money to your sons.
In case I have not answered your query then please note that you have to give a lot more details than what you have provided here
Regards,
Vaibhav
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Adv. Vaibhav Singh
Adv. Vaibhav Singh
Delhi | 25+ Answers
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