Dear Sir/Madam, I've a query on TDS on Interest paid by a Partnership firm to Minors son of a Partner, i.e., Should i deduct TDS on the interest paid to Partner's Minor son? If to deduct, on whose PAN should i deduct? If on Minors PAN, will 64 Clubbing provisions apply and when the above Partner ( Parent) files income tax return, how to getTDS Credit? Whether interest @ 12% p.a. U/s.40(b) will be applicable even to Interest paid to Partners minor son?
Pls Clarify me w.r.t provision of Sec 40(b), 40(a)(ia), 64 and 194A.
Thanks in Advance. CA.Satish Kumar.
CAclubindia
