What parents need to know about the tax consequences of their child’s income
Mayank, a 12-year-old, has made history by becoming the youngest child to win ₹1 crore on the ‘Kaun Banega Crorepati 15’ during its ‘KBC Juniors Week.’ With talented kids like Mayank winning prize money in contests and shows, questions arise regarding the taxation of their income. The same concerns apply to other sources of income…