in bank account instead of primary account holder, can the joint account holder declare the income from bank interest as their income?or does it have to be th eprimary account holder itself
neha (Others) (420 Points)
29 June 2017in bank account instead of primary account holder, can the joint account holder declare the income from bank interest as their income?or does it have to be th eprimary account holder itself
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170785 Points)
Replied 29 June 2017
Usually primary account holder is presumed to be the owner of the account. Even bank report Primary holder's PAN for any AIR reporting, or TDS deduction, if applicable. But if the ownership of the account can be recognized as that of any joint holder, then the interst credit can be accounted for the joint holder.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)