Tds of minor child

This query is : Resolved

CA Vandana Rathi (Querist)
Follow

21 March 2014 Suppose a minor have a Bank interest income on which TDS has been deducted by Bank and in 26AS of that minor child such TDS amount deducted is shown.

Now if that child's interest income is clubbed in parent Assessee's return then TDS of minor child can also be claimed in such return?

Also if yes, then how such TDS can be shown as a deduction in parent Assessee's return?
Please suggest.

If we show minor child's TDS along with parent Assessee then intimation u/s 143(1) is generated and in that mismatch of TDS of parent Assessee is shown due to which refund is turned into Tax Payable.So whats the solution for this?

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

21 March 2014 Vandana First of all for bank interest u can claim 80TTA(up to Rs 10000/-).

& for Minor Income i suggest to show it in ITR ,in SPI-SI-IF sheet as Net Income, i.e, adjusting TDS..

Example:-

Income 80K
Tds 8K

Net Income 72K

Message likes : 2 times

CA Vandana Rathi

CA Vandana Rathi (Querist)
Follow

21 March 2014 Thanks for Reply.

But if i feed in Net Income then my clients Refund is reduced.

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

21 March 2014 Y it will b reduced, suppose u hv to pay 80K, but due to TDS now u will pay only 72K, u r getting benefit of Rs. 8000/- is this not beneficial??

CA Vandana Rathi

CA Vandana Rathi (Querist)
Follow

21 March 2014 you can't adjust your income against your tax amount

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

21 March 2014 If u can explain the matter to IT department, then show it as usual.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

04 November 2015 The parent has to FOLLOW rule 37BA(2) to get credit of minor's TDS.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Shubham Jain

Sanjay Ratnani

Anirudh Sharma

6380177036

Chnmaya parhi

Subscribe Now

Tds of minor child

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

GST CONSULTANT

Article Assistant

GST CONSULTANCY