TDS by Individual Partner

This query is : Resolved

(Querist)
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07 April 2022 In FY 2020-21 an individual who is director in a private company receiving salary from company @Rs.20 lacs per month totalling to Rs.2.40 crores on which TDS has been made by the company as per provisions of section 192. The individual is also partner is a firm from where he received Remuneration of Rs.48 lacs, Interest Rs.35 lacs and share of profit from firm64 lacs. The individual has taken unsecured loans from parties , NBFCs and invested the same in the firm as capital of partner,
He has to pay interest on unsecured loans for FY 2021-22. Please advise as to his liability to make TDS u/s 194A . Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 April 2022 His turnover remuneration and interst from the firm is less than 1 crore hence he is not liable for tax audit, no need for him to deduct tax at source on interst payment.