Please Friends Help me on this Topic....
There is a minor having a FD of 20,00,000
and get 220000interest on same.
TDS has deducted at the rate 20.6% 45320
....Please find the way......... How to claim TDS amount..
Minor hasn't pan card.
5 Replies
Vikas Bansal
(C.A. Final Student)
(112 Points)
Replied 11 August 2011
Minor's income is to be clubbed in the income of parents of minor.
Mihir
(Wealth Manager)
(5293 Points)
Replied 11 August 2011
The FD must have been opened with the PAN of a guardian because the amount is above Rs. 50,000/-. This income can be clubbed and PAN of the guardian may be used.
Let others share their opinion.
Piyush Dubey
(Article Assistent)
(26 Points)
Replied 11 August 2011
I agreed with Mr. Vikas and Mihir's answer. . ..
silvi ubal gomes
(Awaiting Final Result)
(82 Points)
Replied 11 August 2011
Send a request letter to the bank to issue TDS certificate in the name of parent otherwise there will be technical difficulties in claiming the credit of the same. Also it will be clubbed in the income of the parent whose income excluding Fd interest is higher. Parent can even claim a deduction of Rs 1500/- of the same.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 13 August 2011
once the TDS is deducted @ 20% it means non furnishing of PAN data with bank,
now i doubt that bank will be able to tender any help or furnish 16A for this amount
you can get minor pan card also by filing 49A
putting such amounts in minor's name without pan card may get you in troubles, please consult any CA of your area for preventive measures.
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