If the turnover from business of an individual assessee does not exceed 60 lakhs
And he has made payments u/s 40a(i) /40a(ia) such as interest without deducting tax at source
Then does any disallowance arise in respect of these payments?
My View: no as the assessee will opt for presumptive taxation. So all adjustments are deemed to have been made.
pls help n tell me if i am correct
Your ans is correct. But the reason is wrong. Its because only an assessee whose turnover exceeds Rs. 60 lakhs, i.e., only for whom tax Audit u/s 44AB is applicable is under the obligation to deduct TDS from the payments he makes. So as such in ur case disallowance should not be made.
Regards,
Suraj
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