One of my friend is running a Proprietary business and he has purchased a commercial vehicle for his business, through a private financial institution. He is paying regular EMI. The turnover of his business has crossed Rs. One crore in the last Financial Year ( 2019 - 20 ) Now, should he deduct the TDS from the financial institution for the interest part on the EMI paid by him for the vehicle loan ?
If so, what about the previous payments of the EMI, for which, TDS has not been deducted.
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