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Payement of interest on loan taken in cash allowed ??
A takes loan from B of Rs. 500000 through Bank transfer. At the end of the year, A pays to B interest of rs.63000(70000-7000) in CASH after deducting 10% TDS i.e 7000. My doubt is that whether A can pay interest of 63000 in cash or he has to pay it via Bank only...??
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He can pay in cash but deduction will not be allowed for this payment.
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