Tds query

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Pooja

140 Points Posted on 25 May 2012

Hey friends,

Please help me with the following query. A minor has a FD of a bank. Now the bank has deducted TDS of 20% for the F.Y10-11 which amounts to 13,321. since the minor doesnt have a PAN. So is it possible by any way to claim the refund of the TDS deducted by bank. As far as I got to know, its difficult to claim refund because the minor does not have a PAN; neither at the time of deduction nor now

So kindly someone help me with this query

Thanx Iin advance

Replies (2)

PRITAM JAIN, CA , CS

Practising CA CS

348 Points Posted on 25 May 2012

I think in this case u can request bank to accept one of the parents PAN with whom minor's income is going to be clubbed. And further request them to revise their TDS return and in this way TDS credit will be reflected in 26AS of that parent and the same can be claimed as refund after filing proper return....

Hope this works..

Practically bank should have asked parent's PAN before deducting TDS @ 20%....

Regards

Samarth Jain

Due Diligence Manager

73 Points Posted on 25 May 2012

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