- As per the provisions of the Income Tax Act, an individual is liable to deduct tax on certain payments, in case his turnover / gross receipts during the year immediately preceding the year in which the payments are to be made, exceeds the limits prescribed under section 44AB of the Act. Now, the question is whether he is also liable to deduct tax on payments which are exclusively for his personal purposes and have got nothing to do with his business say interest on loan/ housing loan from any person / private institution? Please suggest.
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