Liability to deduct TDS in FY 2019-20

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This query is : Resolved

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This discussion addresses whether an individual, facing their first audit under Section 44AB for FY 2019-20, is required to deduct TDS on interest paid for unsecured loans. The consensus is that TDS deduction is indeed applicable if the prescribed limits are exceeded, though some suggest this liability might strictly begin from FY 2020-21. The individual already possesses a TAN, which is a prerequisite for TDS deduction.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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21 October 2020 Whether an individual, whose accounts are to be audited first time for FY 2019-20 u/s 44AB is liable to deduct TDS on interest paid on unsecured loans ? The said individual has already obtained TAN.