T.d.s.

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ravindra patil (Querist)
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15 September 2011 Dear Sir,
I have following query on Income Tax. Request you to reply as early as possible.
Couple having one year old son had taken divorce by mutual understanding.
Court has sanction Rs.10000/- per month to child for his maintenance from his Father up to 18 years of Childs age.
A separate bank A/c opened on Childs name and Mother as minor guardian, and the amount received by claque, from his Father is deposited to the same A/C.
Mother has her own income. Having PAN No. and not liable for tax. not submitting I.T. Return.
After using monthly maintenance amount from Childs Account, Remaining Amount is deposited to Bank Fix Deposited on child’s name and mother as minor guardian.
After One year the F.D. Amount will be more than Rs. 100000/- and witch attract T.D.S.
My question is,
1)Monthly Maintenance received by Child is his own Income? Or it will club to Mothers Income.
2)Regarding T.D.S. Can Mother submit Form No.15 to Bank as minor guardian, not to deduct Tax.
3)If this is child’s Separate Income then PAN No.is to be taken on Childs Name and I.T. Return to be submit to claim Tax Refund.
4)Request you to sagest correct method to save tax liability.
5)Any other suggestions.
I will highly oblige.
Regards,
Ravindra Patil.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 September 2011 Since, the child is being maintained by the mother, the interest will be clubbed in her income.

She can submit Form 15G to the bank.

Also, at the time of filing the retrurn she can claim Rs. 1,500/- as deduction u/s 10(32)

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