An individual not covered u/s 44AB pays interest of Rs.10000 pm for unsecured loan of Rs.1000000 obtained from a Industrial company, will TDS u/s 194A will apply for this case? please do explain with the provisions of act.
**KK** (B.Com. MBA. Pursuing CA & CS) (255 Points)
25 February 2011An individual not covered u/s 44AB pays interest of Rs.10000 pm for unsecured loan of Rs.1000000 obtained from a Industrial company, will TDS u/s 194A will apply for this case? please do explain with the provisions of act.
Paresh Rathod
(CA)
(222 Points)
Replied 25 February 2011
Sec. 194 A not apply to Individual/HUF whos sales/turnover/receipt from the business / profession carried on by him in immediately preceading FY not exceed the monetary limit u/s 44AB (a) or (b).
CAclubindia
