Own Practice
27 Points
Posted on 28 December 2016
Mr. X has purchased a house by taking unsecured loans which are shown in his separate personal balance sheet. He is also the proprietor of owned business and such business is covered under section 44AB. Thus, his firm's books of accounts are required to get audit u/s 44AB. Now, he has paid interest on the unsecured loan from the business current account. Whether TDS on interest on the unsecured loan is required to be deducted or not?
Kindly suggest.