Tds on fd amount on account account of minor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2014
Respected Experts,
My office peon has a F.D. In Bank on his daughter name in minor a/C. Now Bank telling him to submit pan number of her daughter other wise they will deduct tds on higher amount. what should he do his own income is less then exmpted income.
My office peon has a F.D. In Bank on his daughter name in minor a/C. Now Bank telling him to submit pan number of her daughter other wise they will deduct tds on higher amount. what should he do his own income is less then exmpted income.
23 September 2014
Ask him to provide his own PAN as the guardian of the child. So even if any TDS is deducted he will be able to claim the refund by filing his Income Tax Return.
Nikhil Kaushik
(Expert)
23 September 2014
please note that you can given declaration under Rule 37BA(2) for claiming credit for the taxes to be deducted against minor's income
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