Dear sir/madam
we were not paying any interest on unsecured loan. But now we wanted to pay interest on unsecured loan.
Can we do that?
If yes, then what will be the consequences.
Thank in advance.
If you starts paying interest then you need to deduct TDS on same Interest amount @ 10%.
Read https://cleartax.in/s/section-194a-tds-on-interest-other-than-interest-on-securities
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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