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TDS MADE ON BANK INTEREST OF MINOR.
TDS has neen deducted on bank interest of the amount of compensatiion awarded by court as the father of minor died in accident. Minor has no income of his own to club with income of parent. So who is the IT authority to ask for nrefund How to get refund of TDS deducted.
Replies (10)
Quick Summary
Who is the guardian of the minor as per bank record?
Mother is guardian. Tried to create account for her son as a representative. Got rejected 3 times.
Mother is the assesse who is the deductee here.
The interest would be taxable in her hand. She can claim the TDS against the interest income offered.
Mother has filed her return of income showing only her income AY. 2022-23. What application to be filed for revising the claim.
As on date you cannot revise the return. But if there is any additional tax liability, file UPDATED ITR.
Thanks sirji
Most welcome..
Sir the TDS is reflected now in parent PAN. What application should be filed. Condonation or rectification. Refund claim was made in the return filed.
File updated return with additional interest income declaration.
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