Tds Deduction on Interest on Housing Loan

Yes, liable for TDS deduction for ...........

Every person (i.e. the payer) other than an individual or a Hindu undivided family (HUF), who is responsible to pay interest (interest other than on securities) to a resident, is liable to deduct tax at source under section 194A.

However, an individual or a HUF, whose total sales, gross receipts or turnover from the business or profession carried on by him/it exceeds the monetary limits specified under section 44AB during the financial year immediately preceding the financial year in  which the aforesaid amount is credited or paid, shall be liable to deduct tax under section 194A.

In other words, an individual or a HUF is liable to deduct TDS under section 194A, if such individual or HUF was liable to get his/its accounts audited under section 44AB in the  preceding financial year.