Tds query

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This query is : Resolved

Pooja (Querist)

25 May 2012 A minor has a FD in a bank. Now TDS has been deducted on the interest on that FD. the TDS amounts to 13321. And the TDS has been deducted at the rate of 20% since the minor doesnt hav a PAN. So is it possible by any chance to claim the refund of the TDS. The above is for the F.Y 10-11

Kindly someone help me with the above

CA CKP

CA CKP (Expert)

25 May 2012 Gross Interest income will be 66,605/-.
This income will be clubbed in minor's parent's income according to the IT Act and have to calculate income tax accordingly. TDS Rs. 13,321 can be claim by the Parent in whose income it had clubbed.

As it is related to the FY 10-11 ie AY 11-12.
If Parents had filed their Return within due date than u can file the Revised Returns within one year from the end of AY ie befor 31-03-13.
And if parents had not filled returns at all than u can file Belated returns before 31-03-13.

Pooja

Pooja (Querist)

26 May 2012 But the FD is in the name of the minor, and also if the bank has deducted TDS for F.Y10-11 it would have filed its return showing no Pan availed so we would not be able to see the TDS paid under 26AS since the minor doent have a PAN. So how can we avail the credit of the TDS deducted

Soumitra Basu

Soumitra Basu (Expert)

26 May 2012 You are requested to file rectification application to the assessing officer in the name of the person with whose income this interest income was clubbed.

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