Minor interest income and no PAN number
This query is : Resolved
27 March 2011
My daughter has some income by interest for deposits placed by me.
My wife is the official guardian for the minor in bank records.
The paper TDS received do not indicate any PAN number ( as there is no PAN number for my daughter ).
Since my wife is liable to club the daughter`s interest in her income while filing tax, can she claim the TDS deducted from my daughter`s account? My wife`s PAN number is not mentioned on the TDS form.
Kindly enlighten.
My wife is the official guardian for the minor in bank records.
The paper TDS received do not indicate any PAN number ( as there is no PAN number for my daughter ).
Since my wife is liable to club the daughter`s interest in her income while filing tax, can she claim the TDS deducted from my daughter`s account? My wife`s PAN number is not mentioned on the TDS form.
Kindly enlighten.
27 March 2011
yes your wife very much can claim the credit of the Tax deducted at source.
but there are some points to be noted in this regard.as you have stated that the certificate does not bear the PAN.so please submit the PAN of your wife to the banker.again if the banker has already filed its TDS retun without mentioning any PAN against payment of your interest, it would be very difficult to get the credit unless the banker revises the TDS return incorporating your wife's PAN.
also you have stated that the income of the daughter shall be clubbed in the hands of your wife. how did you arrive on this conclusion ? if you concluded that, as she is her natural guardian then you are wrong!!
income of the minor child is clubbed in the hands of a parent who has got the higher income.and once clubbed it shall always be clubbed in that paren only till the child gets majority.
but there are some points to be noted in this regard.as you have stated that the certificate does not bear the PAN.so please submit the PAN of your wife to the banker.again if the banker has already filed its TDS retun without mentioning any PAN against payment of your interest, it would be very difficult to get the credit unless the banker revises the TDS return incorporating your wife's PAN.
also you have stated that the income of the daughter shall be clubbed in the hands of your wife. how did you arrive on this conclusion ? if you concluded that, as she is her natural guardian then you are wrong!!
income of the minor child is clubbed in the hands of a parent who has got the higher income.and once clubbed it shall always be clubbed in that paren only till the child gets majority.
Message likes :
1 times
27 March 2011
Dear MadhuSoodan thanks very much for quick reply.
I am an NRI now and since my wife`s income in India ( interest income) exceeds my interest income in India thus clubbing minors income with my wife income for tax purpose .
I have filed tax online.
The TDS has no PAN number indicated. Also, the TDS is for financial year 2008-2009, 2009-2010 and was filed by banker without my wife`s PAN number.
Is there any way out to claim the refund for the TDS paid e.g. submitting paper TDS of daughter alongwith copy of passport or birth cert showing daughter mother relationship?
Really appreciate your help.
Harsh.
I am an NRI now and since my wife`s income in India ( interest income) exceeds my interest income in India thus clubbing minors income with my wife income for tax purpose .
I have filed tax online.
The TDS has no PAN number indicated. Also, the TDS is for financial year 2008-2009, 2009-2010 and was filed by banker without my wife`s PAN number.
Is there any way out to claim the refund for the TDS paid e.g. submitting paper TDS of daughter alongwith copy of passport or birth cert showing daughter mother relationship?
Really appreciate your help.
Harsh.
27 March 2011
yeah,you can submit the physical TDS certificate with the Income Tax Officer under whose jurisdiction your wife is assessable to income tax alongwith a request letter .but i think it wont solve your problem.
in my opinion the only way as stated earlier is to get the TDS return revised from the banker's end.
in my opinion the only way as stated earlier is to get the TDS return revised from the banker's end.
Message likes :
1 times
27 March 2011
Thanks a lot Madhu.
Is there any time limit for revision of TDS, as in my case it dates back to 2008-2009 financial year.
Regards,
Harsh.
Is there any time limit for revision of TDS, as in my case it dates back to 2008-2009 financial year.
Regards,
Harsh.
27 March 2011
there is no time limit for revising the TDS Return !!!!
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
