Clubing of income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2013 AN ASSESSEE DOB IS 05/05/1995, SHE BECAME MAJOR ON 05/05/2013. SHE IS EARING COMMISSION INCOME OF RS. 400000/ ON WHICH TDS IS DEDUCTED U/S 194H OF RS/ 40000/- DURING FINANCIAL YEAR 2012-13.
NOW MY QUERY IS
IS THIS INCOME IS CLUBBED IN THE HANDS OF PARENTS?
AND IF INCOME IS CLUBBED THEN UNDER WHICH HEAD OF THIS INCOME AND WHAT KIND OF ITR FORM SHOULD BE USED TO FILE INCOME TAX RETURN?
CAN WE CLAIM EXPENSES ON SUCH GROSS RECEIPS?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 August 2013 your client will still be considered as minor for FY 2012-13 AND AY 2013-14 as she had not attaineded majority till 31.3.2013.

yes it will be clubbed with that parent whose income witout clubbing is more then that of other parent.

it will be included in professional income.

file itr-4 as it has professional income.

yes only exp actually incurred by minor shall be deducted.

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Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2013 DEAR SIR THANK YOU VERY MUCH
CAN I HAVE TO MENTION INCOME NORMALLY IN PART A-P&L OR ANYWHERE ELSE?
AND ALSO TDS DEDUCTED IS ALSO REQUIRED TO SHOW IN SCH- TDS & TCS?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 August 2013 you need to show specific income under specific head and relevant sch.

Yes u need to show tds also.

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2013 THANKU SIR YOUR INFORMATION IS VERY USEFUL FOR ME
THANKU THANKU THANNKU

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