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TDS on Interest, 44AB and individual

This query is : Resolved 
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(Querist)
09 October 2010 Dear frndz,

Individual assessee is liable to deduct Tax at source on interest only if he s subject to tax audit U/s 44 AB.
Ma doubt s, whether , in th case of individual doing Financing business, interest income alone will form part of turn over of the assessee for th purpose of 44AB limit? or should total loan repayment be considered?

thanks n advance..
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
09 October 2010 ICAI's opinion is only the interest income can be taken into consideration as part of his gross receipts.
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