Vaibhav Suryavanshi and Income Tax: 15-year-old Vaibhav Suryavanshi delivered such a spectacular performance in the Indian Premier League (IPL) that he won everyone’s admiration. Even Sachin Tendulkar, hailed as the ‘God of Cricket,’ heaped praise on his talent. Through his explosive batting, he not only gained recognition but also earned a substantial income.
At just 15 years of age, his net worth has reached crores of rupees. This raises the question: since Vaibhav Suryavanshi is a minor, is he required to file an income tax return? There is considerable confusion regarding this matter. You can check the relevant details below.
Do minors have to pay income tax?
Many people might assume that minors do not have to pay income tax, but that is not true. According to income tax rules, a minor’s assets are usually clubbed with their parents’ income—a process known as the ‘clubbing of income.’ However, there are exceptions to this rule, and Vaibhav Suryavanshi falls into one of these categories.
Indian cricketer Vaibhav Suryavanshi is earning money based on his own talent. Income tax rules state that if a minor earns income through their own skills—such as singing, acting, cricket, or other talents—that income is treated as their own and is not subject to the ‘clubbing of income’ provision.
Will Vaibhav Suryavanshi file income tax?
Vaibhav Suryavanshi is earning through his own talent. In such cases, the minor’s parents file the income tax return on their behalf. Similarly, Vaibhav Suryavanshi’s income tax return (ITR) will be filed by his parents.
Vaibhav Suryavanshi joins Team India.
Speaking on Vaibhav Suryavanshi’s inclusion in the national team, India’s chief selector Ajit Agarkar stated that the youngster had virtually secured his spot in the T20 squad through his brilliant performances over the last two IPL seasons. Agarkar added that his performance left them with little choice but to select him. I don’t need to tell you how well he is playing, and it’s not just about this season. He also made a brilliant start to his IPL career last season.
