PLEASE LET ME KNOW WHETHER TDS IS APPLICABLE AND MANDATORY ON INTEREST ON LOAN FROM NBFC BY PROPRIETORSHIP ORGANISATION FALL UNDER AUDIT U/S 44 AB OF INCOME TAX ACT, FURTHER TDS IS TO BE REFUNDED BY NBFC, IF TDS NOT PAID WHAT ARE THE CONSEQUENCES
yes tds will be applicable because exemption given under the sec 194A(3) nbfc are excluded or say no exemtion to mbfc . consequences wil be intt for non deducting and depositing @ 1% if deducted but not deposited @ 1.5 % and penalty may impose .
