04 June 2015
A person who is in Tax Audit in 2012-13 and deducting TDS on Interest paid to others and after that he is not in under 44AB. In F.Y. 2015-16 he is liable to deduct TDS on Interest paid to Others.
Provided that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct income-tax under this section.
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