09 March 2012
The income of my minor child is clubbed under my income and i am filing my return including this income. I have not applied for his separate Pan Card I have fixed deposit in his name with HDFC Bank. The Bank is saying they need his separate pan no or else they will deduct tds at higher rate . My query is if the income of minor is assesable in the hands of parent then why the parent's pan no is not acceptable to the bank. Do the bank has any legal backing to its opinion.
09 March 2012
The bank is right. the income accrues in the hands of Minor. but due to deeming provision the minor's income is being clubbed in the hands of parrent. please apply for PAN number in the name of your minor child.
CAclubindia
