XYZ is a proprietory firm and Mr. X is proprietor. Y is minor child of Mr. X. Mr. X has taken loan from Y on which Mr. X is paying interest more than Rs. 5000/-. TDS is applicable to XYZ and therefore Mr. X is required to deduct tds on interest exp. The income of Y is going to be clubbed with and charged for income tax to Mr. X.
Whether Mr. X should deduct tax at source or not?
If Yes, then whose PAN should be qouted in the return of tds. As the tax on such income will be charged to Mr. X, should I qoute PAN of Mr. X rather than that of Y?
If I do so then it will be like this that Mr. X is deducting tax by qouting his TAN as deductor and his own PAN as deductee which is already included in deductor's information.
And if NO, then how Mr. X will be eligible to get the credit of such tds while clubbing such minor's income as the same will not beavailable in Mr. X's 26AS?
Please reply.....
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