194A require deduct TDS on interest. indi or huf is also liable to deduct tds if they are having tax audit in previous year. my question is this that assessee having tax audit in last year but assessee taken loan in personal saving bank account and utilised it other than business i.e. he had given loan to another person or invest in stock market. in that case, whether assessee is required to deduct TDS under 194A .
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Tds- 194a interest other than interest on securities
Replies (4)
No need to deduct TDS since the loan is not utilised for the purpose of Business.
| Originally posted by : Fenil Shah | ||
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any case law releting to this issue |  |
but sec 194A dont require anywhere that loan is used in business or profession. 194A simply state that interest paid by assessee on interest other than interest on securities.
i agree with the statement of CA Ram Bajaj... the person paying interest on loan is required to deduct tds u/s 194A
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