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Very urgent TDS query

CA. Animesh Kumar Jain (ACA DISA (ICAI) B.Com) (226 Points)

11 August 2011

Please Friends Help me on this Topic....

There is a minor having a FD of 20,00,000

and get 220000interest on same.

TDS has deducted at the rate 20.6% 45320

....Please find the way......... How to claim TDS amount..

Minor hasn't pan card.

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5 Replies

Vikas Bansal (C.A. Final Student) (112 Points)
Replied 11 August 2011

Minor's income is to be clubbed in the income of parents of minor.

Mihir (Wealth Manager) (5293 Points)
Replied 11 August 2011

The FD must have been opened with the PAN of a guardian because the amount is above Rs. 50,000/-. This income can be clubbed and PAN of the guardian may be used.

Let others share their opinion.

1 Like

Piyush Dubey (Article Assistent) (26 Points)
Replied 11 August 2011

I agreed with Mr. Vikas and Mihir's answer. . ..

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silvi ubal gomes (Awaiting Final Result) (82 Points)
Replied 11 August 2011

Send a request letter to the bank to issue TDS certificate in the name of parent otherwise there will be technical difficulties in claiming the credit of the same. Also it will be clubbed in the income of the parent whose income excluding Fd interest is higher. Parent can even claim a deduction of Rs 1500/- of the same.

1 Like