if the assessed paid interest to nbfc without deducting tds and the interest amount is shown as Income by marc what is the rule
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40a(1a)
Replies (3)
If you not deduct TDS on interest paid to NBFC, 30% of interest amount add to your income
if the resident to whom sum paid has declared such income in his return as per applicable due date n tax paid on such income and the assessee shows the same through applicable form to C.A then such assessee shall not be treated as assessee in default and such expenditure shall not be disallowed
i agree with gauthami..form 26A has to be obtained from accountant of income receiver for this declaration..
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