I have not deducted TDS while paying interest.....
however the receiver has treated the entire amount as income and paid tax on the same .......
will I be liable under the provisions of TDS as assessee in default
section 201 deals with the same issue
if assessee fails to deduct TDS but receiver has filed the return of income within due date specified in sec 139 and the sum has taken into income in the return and paid tax on such income
then assessee shall not be treated as assessee in default.
CA certificate is required to obtain by assessee for the same.
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