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Tds

This query is : Resolved 

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Querist : Anonymous

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Querist : Anonymous (Querist)
a person '' Ä'' (TDS provisions applicable) having an opening Credit balance as on 1st April 6.00 Lakh as unsecured loan from "B"
on 1st June " Ä" makes a payment of 7.00 lakh to 'B'
Assumes 1.00 Lakh as Loan given to "B'

What does the TDS provision say
TDS Liability arises or not ?



TDS provisions not applicable on loans received and paid.

TDS is not applicable

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Querist : Anonymous

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Querist : Anonymous (Querist)
Will the extra payment of 1 lakh after squaring up of initial loan amount not to be taken as consisting of interest due till date ?



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