Clubbing of income
This query is : Resolved
08 March 2013
Minor 's Turnover are Rs.1325789 in F.Y 2011-12 & TDS has been deducted on his income. Same way His father 's turnover are Rs 5278850 in F.Y 2011-12 & TDS has been deducted also on it So MInor's income as well as turnover are added in his father 's income? If yes, then it is an audited case? How to claim minor 's TDS?
08 March 2013
If the minor earns this income by his skills or any physical activity than it is not required to club the same in the hands of his parents.,If not than it will be clubbed hence you have to mention here the nature of minors income.
09 March 2013
Minor 's business are tailoring job work Income. Contract with one company that 's why TDS has been deducted. And the business is doing by father using minor's name So, in case Turnover as well as all expenses and profit are club in father 's income? And is it required to do audit? Same business doing by his father also.
13 March 2013
Reply as soon as possible
13 March 2013
Once minors income is clubbed in the hands of its parents it will be taxable in the normal way you can only claim a deduction of Rs 1500 from that.
You can claim refund of TDS by filling return only if TDS is deducted in excess of actual tax liability., which is to be considered after clubbing minors income
You can claim refund of TDS by filling return only if TDS is deducted in excess of actual tax liability., which is to be considered after clubbing minors income
14 March 2013
Thanks for the reply. But My Doubt is not 100 % clear. I want to know Minor 's turnover as well as income clubbed in parents income? Can we file minor 's return for claiming for Refund? Reply as soon as Possible
14 March 2013
Total turnover of minor is to be clubbed in parents income no seperate return of minor is required.& minors income will be taxable in the normal manner in the hands of its parents
15 March 2013
How to claim TDS in hand of minor? Is TDS also clubbed in parents a/c? Total turnover as well as expenses incurred by minor is also clubbed his parents p&l a/c? If turnover of minor clubbed then it becomes audited case, so please also tell me penalty provision. Giving me suitale feedback as soon as possible
16 March 2013
Hey reply as soon as possible
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Capital gain from sale of house property
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Sale Incentive booking
- Negative ITC in Table 4(A)(5)
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
