Tds deducted by bank on deposits with minor pan number
This query is : Open
15 October 2017
up to last year minor income is clubbed with parents income while filing IT returns , this year pan number is applied for minor and TDS is deducted on fixed deposit by Bank on minors PAN number , now please suggest how to file IT returns. Can we club the minors income with parents income then how to claim minors TDS or else we have to file IT returns seperately
15 October 2017
Clubbing is not available dear.
File minor's Pan and signing by parents or nominee.....
K Srinivas, CMA CS
(Expert)
15 October 2017
Raja ji, Interest income from deposits in the name of minor has to be clubbed with the income of parent
K Srinivas, CMA CS
(Expert)
15 October 2017
Only one exception is that such income was earned by minor in his her individual capacity
K Srinivas, CMA CS
(Expert)
15 October 2017
Parent cannot claim tds refund in case of clubbing . However, Rs.1500 deduction is available per minor child.
15 October 2017
Yes.... You are exactly correct. So, I said it file separately. Then claim the refund...!
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