Tds of minor child
This query is : Resolved
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?
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?
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
& 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
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21 March 2014
Thanks for Reply.
But if i feed in Net Income then my clients Refund is reduced.
But if i feed in Net Income then my clients Refund is reduced.
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??
21 March 2014
you can't adjust your income against your tax amount
21 March 2014
If u can explain the matter to IT department, then show it as usual.
04 November 2015
The parent has to FOLLOW rule 37BA(2) to get credit of minor's TDS.
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