The bank has few FD's in the name of minor under the guardianship of father. 15G is submitted by the father. But now the interest income exceeds the taxable limit i.e. 160000/-. Now to whom the TDS certificate will be issued by the bank, i.e. to father or to minor as both are having PAN. My opinion is that the TDS certificate should be issued to father as the income will be clubbed in his hands.
14 April 2011
The clubbing provision shall apply and the parent having higher income shall include the minor's income in his / her income. so the TDS can be claimed by the person in whose income the minor's income is going to be clubbed.
CAclubindia
