TaxTMI 
TaxTMI 
Interest on deposits in joint names--Deduction of tax at source u/s. 194A of the Income-tax Act, 1961--Regarding
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....sp; S.R. Wadhwa, Secretary, Central Board of Direct Taxes. To All Chambers of Commerce. Sir, Subject : Interest on deposits in joint names--Deduction of tax at source u/s. 194A of the Income-tax Act, 1961--Regarding. S....
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....ted with the interest on deposits in individual names or not? In other words if there is a deposit in the joint names of X and Y and/or also deposits in the individual names of X and/or Y should the interest be aggregated in the joint names of X and Y with the interest income on deposits in individual names of X and/or Y. This question becomes particularly relevant for the purpose of determining t....
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....uch deposit(s) has definite information about the beneficial ownership of the deposit(s), the interest payable under a joint account can be aggregated with the amount of interest payable by that person to any one of the payees in their separate or independent accounts. The persons responsible for deducting the tax are advised that, in the absence of any information to the contrary, they may aggreg....
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....rson in whose name the interest on joint account has been aggregated and a suitable mention of the existence of the joint account and the amount of the deposit will be made in the said certificate. 5. Credit for the payment of tax deducted at source under section 199 of the Income-tax Act will be given to the person in whose name the certificate under section 203 has been issued. 6. If any o....