hi
friends
In some bank
one minir account is there no PAN, and intrest on her account was deducting 10 % Only .but bank was saying her mother PAN is sufficient for her child also
what do u think to deduct 10 or 20 %
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TDS_Bank
Replies (2)
10%
Parent can file a declaration with the bank at the beginning of the year, containing parent's Name, Address, PAN and reasons for giving credit to such person (in this case stating that the children’s income will be taxable in parent's hand).
The bank will have to take notice of this declaration and show that tax has been deducted from parent's income.
Parent should, therefore, be able to claim credit for such TDS on children’s investments.
- Refer Rule 37BA of the Income Tax Rules.
agree with mr.Deepak
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