Taxes and Joint Account

return2del · Post by **return2del** » Tue Jul 27, 2010 4:06 pm

Has anyone tried this (i.e. splitting income from joint account in India into two IT returns) recently and succeeded? I am in the exact same situation - interest on a joint account has been reported only in my name, when it should actually be in both our names.

orajava · Post by **orajava** » Fri Dec 10, 2010 8:23 pm

Bumping up the thread. Kind of simillar situation ( IMHO)

Husband wife both in RNOR period get US income in joint account in India. Part of it is transfered to wife name.The interest receieved by wife is taxed at lower rate than the husband ( bigger bracket). Not sure if the clubbing of income provision will kick in as part of the India taxes.

Thanks
OJ

dbs · Post by **dbs** » Sat Dec 11, 2010 8:36 pm

ml_gupta;168232I am waiting for Form 16A from the bank. Once I receive that, I'll request the bank to re-issue Form 16A for me and my wife with appropriate TDS credit. Lets see how it goes.

The Bank would have deducted TDS and mentioned your PAN at the time of submission and that would go into your 26AS and will be credited to you. This is done quarterly, I think, or more frequently.
At a later stage, the Bank has to go and file a correctional document and they resist that due to additional work.
Earlier that you ask them better chances for you get it done quickly.