44AB
This query is : Resolved
Quick Summary
09 June 2020
Mr. X has earned professional income and getting his accounts audited u/s 44AB for the first time for AY 2020-21.
He had taken unsecured loan long back in his personal capacity and not for business / profession and paying interest on which no TDS was deducted as was not falling u/s 44AB previously. Does he need to deduct tax on personal loan or not? Please guide.
He had taken unsecured loan long back in his personal capacity and not for business / profession and paying interest on which no TDS was deducted as was not falling u/s 44AB previously. Does he need to deduct tax on personal loan or not? Please guide.
CA Shrey Tripathi
(Expert)
09 June 2020
No tds required on interest paid for personal loan..
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