TDS of minor child to be clubbed with TDS of a parent

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S S Dahale

Agri and business

313 Points Posted on 27 June 2016

At E fiiling of ITR , of a parent-assessee , As the income ( interest on Fixed deposit ) of a minor Child having a PAN No. ., also needs to be clubbed with income of his parent , so is TDS deducted by that BANK in the name of minor Child ( being havinga valid PAN No.),is also to be mentioned as TDS of parent ? if yes , How ? as the filled comes pre filled in the name of PARENT, So question is , if parent tax payer-assesse wants to add TDS in that column , as there is No provison of mentioning of PAN No......of minor Child., both at mentioning of clubbing of other persons including a minor child and at TDS column

Replies (2)

Shubham Gupta

Business Consultants

1660 Points Posted on 27 June 2016

hello,

your case is covered under sub-Rule (2) of Rule 37BA which is extracted hereunder.

(2)(i) Where under any provisions of the Act, the whole or any part of the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee, credit for the whole or any part of the tax deducted at source, as the case may be, shall be given to the other person and not to the deductee :

Provided that the deductee files a declaration with the deductor and the deductor reports the tax deduction in the name of the other person in the information relating to deduction of tax referred to in sub-rule (1).

(ii) The declaration filed by the deductee under clause (i) shall contain the name, address, permanent account number of the person to whom credit is to be given, payment or credit in relation to which credit is to be given and reasons for giving credit to such person.

(iii) The deductor shall issue the certificate for deduction of tax at source in the name of the person in whose name credit is shown in the information relating to deduction of tax referred to in sub-rule (1) and shall keep the declaration in his safe custody.

You have to contact bank to revise credit to parents PAN no.

CA Shubham Gupta