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Clubbing of income & tds

Tax queries 480 views 4 replies

Hello

The TDS deducted in the name of father but during the year 2013-14 the son has become major and during that period when he become major at that time also TDS deducted in the name of father.

So my query is:-

a) In whose hands income shall be clubbed when he becomes major

b) If to be claimed under the income of major then how the TDS credit will be availed as the same is deducted in the name of father.

 

Urgent reply needed

Replies (4)
tds and income both to be shown in the hands of father.... next yr onwards this income will be treated in hands of major son and tds reqd to be in his name.

Continue clubbing of the income in the year in which the son attains the maturity. Since TDS credit is available to the father,son would not be able to claim the tax credit practically,so he should club the income of son to his income.

From next year onwards provide the PAN of the son to deductors and they shall pay it to the credit of major son from next year onwards.

But the issue is father is in30% slab and son is in 10% slab
@ amber.... i dont find any solution for that.... then his father would have to pay remaining tax on such amt if he falls in 30% bracket.


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