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TDS MADE ON BANK INTEREST OF MINOR.

18 July 2023

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.

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10 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195708 Points)
Replied 18 July 2023

Who is the guardian of the minor as per bank record?

nagaraj kadlaskar (79 Points)
Replied 18 July 2023

Mother is guardian. Tried to create account for her son as a representative. Got rejected 3 times.

sabyasachi mukherjee (27858 Points)
Replied 18 July 2023

Mother is the assesse who is the deductee here.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195708 Points)
Replied 18 July 2023

The interest would be taxable in her hand. She can claim the TDS against the interest income offered.

nagaraj kadlaskar (79 Points)
Replied 18 July 2023

Mother has filed her return of income showing only her income AY. 2022-23. What application to be filed for revising the claim.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195708 Points)
Replied 18 July 2023

As on date you cannot revise the return. But if there is any additional tax liability, file UPDATED ITR.

nagaraj kadlaskar (79 Points)
Replied 18 July 2023

Thanks sirji

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195708 Points)
Replied 18 July 2023

Most welcome..

nagaraj kadlaskar (79 Points)
Replied 15 October 2023

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.