44AB

This query is : Resolved 

09 June 2020 Mr. X has earned professional income and getting his accounts audited u/s 44AB for the first time for AY 2020-21.

He had taken unsecured loan long back in his personal capacity and not for business / profession and paying interest on which no TDS was deducted as was not falling u/s 44AB previously. Does he need to deduct tax on personal loan or not? Please guide.

09 June 2020 No tds required on interest paid for personal loan..

09 June 2020 Thanks a lot for quick guidance




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