Whether tds can be clubbed

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This query is : Resolved

Hiren (Querist)

30 July 2011 TDS can be clubbed means if i have clubbed the income of the minor on which TDS on Int other thn int on sec. is deducted. Whether TDS can be clubbed under the assesee in whose income is clubbed? if yes, then how to show tds details while preparing the return of assessee under whose income is clubbed?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)

30 July 2011 Yes... it can be clubbed.

Simply treat the interest income(minus the minor rebate) as your own income & TDS deducted as TDS on your income.

It should be clear...

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)

30 July 2011 Please also check and take care while giving PAN. You should give your PAn No (Being a guardian) so that probability of mismatch in Form 26AS can be made zero.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

30 July 2011 Since minor's income is clubbed in your income the TDS will be deducted from the income of the minor and if minors PAN Number is quoted then the tax credit will be allowed to the minor. If you have done this mistake then file the nil return of the minor and claim the TDS as refund. Otherwise you provide your PAN Number so that the credit is allowed to you. In your Balance Sheet for TDS you have to credit Minors account as liability.

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