Tds deducted in fd on the name of minor child

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self
289 Points Posted on 22 October 2020
sir my daughter is minor & i open an fd in the name of her.
and i get the maturity amt after deduction of tds
sir is there any why to get her tds amt.
pls share your best information
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On 22 October 2020 at 22:30 Report
Replies (9)
Quick Summary
A parent opened a Fixed Deposit (FD) in their minor child's name and TDS was deducted. The parent is seeking ways to reclaim this deducted tax, as it's not appearing on their Form 26AS. The advice given is to request the bank (deductor) to file or revise their TDS return. Once filed, the TDS amount can be claimed by clubbing the interest income in the parent's tax return. Alternatively, obtaining a signed TDS statement from the bank can serve as proof if a notice is received.

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Accountant
3662 Points Posted on 22 October 2020
Bank deducted TDS @ 10% if interest paid above Rs. 10000 per year.

Minor or Major (No issue)

you can club FDR interest income in your return and claim TDS amount
1 Reply
On 22 October 2020 at 22:51
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Tax consultant
5895 Points Posted on 23 October 2020
You can claim it on behalf of her as she is minor and you are her father in your own return
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On 23 October 2020 at 00:01
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self
289 Points Posted on 23 October 2020
The amt deducted is not showing in my 26as so how i can i claim the tds
pls explain it .
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On 23 October 2020 at 20:18
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Accountant
3662 Points Posted on 23 October 2020
Request to deductor, please file tds return
after that you can claim TDS amount
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On 23 October 2020 at 20:40
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Tax consultant
5895 Points Posted on 23 October 2020
Does you give a declaration form to bank as per section 37BA (2)
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On 23 October 2020 at 21:22
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self
289 Points Posted on 23 October 2020
No sir i didn't file declaration form
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On 23 October 2020 at 22:44
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Tax consultant
5895 Points Posted on 23 October 2020
To claim the credit you have to report that
to your bank
hmmm ok you can now ask your bank if you can now or any alternative for that
it's needed

2nd one collect a statement of TDS of FD from the bank with duly signed by the bank authority or the top management means the manger ,MD or chairman of the bank if above is not happening then it will helps you if notice by chance comes to you and you can show it as a proof that TDS being cut from you
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On 23 October 2020 at 22:55
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Accountant
3662 Points Posted on 23 October 2020
Only solution, request to deductor file TDS return if not filed or revised tds return after that you can take tds credit
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On 23 October 2020 at 23:48
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self
289 Points Posted on 30 October 2020
Should i can claim f.y2018-19 tds , which was deducte in the name of my minor child by providing declaration form to bank. i don't have any idea about it
pls suggest best way to me...
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On 30 October 2020 at 12:19

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