Sir. I have taken unsecured loan from a person and I would like to pay the interest by cheque, but he insists to pay by cash. So can I go ahead for making the interest in cash, if so, what is the statutory compliance I am missing? kindly advice.
If you are going to claim the interest expenses as deduction then you shouldn't pay in excess of rs. 10000 in a day and if you are covered under 44ab and if the cumulative interest payments exceeds rs. 5000,tds to be deducted
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