Mr.X is an individual to whom is laible to audit under 44AB from past few years.
He bought a house this year by taking loan from a NBFC.
Though, the interest paid on housing loan is not claimed under head PGBP, as sec. 194A, interest other than interest on securities says, a person is required to deduct tax on interest paid to any person other than banking companies. As house property head has no provision for disallowance of interest on basis on non dection, the question of disallowance does not arise.
However, is Mr.X liable to penal proceedings for not complying with TDS provisions? As 194A talks in a general sense not limiting to PGBP?