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.
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