Income of minor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2011
Bank deposits are kept in minors name. Father has taxable income. Bank has made TDS and will issue TDS certificate in the name of Minor. Income will be clubbed in the income of the father. Then how father will get the credit of TDS certificate issued in the name of Minor?
CA. Anoop Gadia
(Expert)
26 August 2011
request to bank to change TDS details.
CA Hardik Bunha
(Expert)
27 August 2011
HI,
BANK DEDUCT TDS IN THE NAME OF MINOR HERE QUESTION IS THAT MINOR HAVE A PAN OR NOT?????
NO MATTER U HAVE TO FILE YOUR RETURN OF INCOME WITH APPLICABLE CLUBBING PROVISION AND DEDUCT TDS (DEDUCTED FROM MINOR'S INCOME)FROM YOUR TAX.
IF MINOR HAVEN'T PAN THEN BANK WILL BE LIABLE TO PAY TAX @ 20%.
NO MATTER YOUR 26AS NOT DISCLOSE THIS.....
BANK DEDUCT TDS IN THE NAME OF MINOR HERE QUESTION IS THAT MINOR HAVE A PAN OR NOT?????
NO MATTER U HAVE TO FILE YOUR RETURN OF INCOME WITH APPLICABLE CLUBBING PROVISION AND DEDUCT TDS (DEDUCTED FROM MINOR'S INCOME)FROM YOUR TAX.
IF MINOR HAVEN'T PAN THEN BANK WILL BE LIABLE TO PAY TAX @ 20%.
NO MATTER YOUR 26AS NOT DISCLOSE THIS.....
CA. Anoop Gadia
(Expert)
27 August 2011
yes that's right but make sure whose name and pan bank deducted TDS.
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