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Tds on interest

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(Querist)
23 September 2015 Dears

an individual who is liable for tax audit in the immediately preceeding previous year has to deduct tds on interest on loan paid to financial institutions in the current year.

If he doest not deduct tds - 40(ia) disallowance applicable or not?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 September 2015 Yes disallowance u/s 40(ia) will be applicable.

Thirty per cent of any sum payable to a resident, on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139 shall be disallowed.
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Sowmya.S.Balan

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Sowmya.S.Balan (Querist)
23 September 2015 if payee has shown in his return of income the amount received as interest and paid tax - disallowance can be avoided by the payer ?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 September 2015 No. There is no such provision. Deductor is liable to deduct TDS.
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