Tds on spouse interest income

Efiling 1003 views 4 replies

B.Sambamoorthy

30 Points Joined March 2010

I have included interest income of my spouse and also claimed tds credit.

In CPC order the income has been taken but the credit was ignored.

My request for rectification was rejected AS THE TDS CLAIMED IS NOT AVAILABLE IN ASSESSEE'S ACCOUNT.

Obviously it is available in my wife's account and her PAN no. and Name are furnished in the return.

When contacted by phone I was informed that only the credit in assessee's PAN will be taken and I can contact a tax expert to get relief. Else I can file revised return omiting interest income of spouse and file a new return for her.

This is for information only.

Replies (4)

Dipjyoti Majumdar

CA in service & CS. dipmaj@

3469 Points Joined June 2011

Thanks for sharing the information and opinion of CPC.

Strangely, the law makers are yet to recognise the need to change the TDS credit rules where clubbing provisions under section 64 have been used by the tax payer.

Regards,

Sonam Bidasaria

770 Points Joined July 2008

As per Sec 199 read with Rule 37BA, your spouse should have given a declaration under Rule 37BA(1) to the deductor that interest income will be included in your income. Along with declaration, your name, address , PAN should also be provided to the deductee as per Rule 37BA (2).

There is no mistake on the part of Income Tax Department.

Yoy should approach to your deductor for making a revised return of TDS.