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...??
Replies (1)
He can pay in cash but deduction will not be allowed for this payment.
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