Question ID :
29626
Section 58 Disallowance
An assessee claims interest payment Rs.75000 out of interest receipts Rs.125000 and shows Rs. 50000 income in other sources head. No TDS made for Rs.75000 and not subject to tax audit. Whether 30 disallowance will attract as per sec 58.
Posted by
ANAND B
on
May 08, 2018
Filed Under
DIRECT TAXES
No, provided the assessee is an individual and not covered under tax audit during the financial year immediately preceding the financial year in which such interest is paid or credited.
Posted by
B.CHACKRAPANI WARRIER on
May 08, 2018
Answer ID :
65620
No dis-allowance us 58 of the Income Tax Act due to non deduction of TDS on the interest paid because the payer is an Individual whose accounts are not required to audit. There fore no disallowances.
Posted by
CA. SATISH CHAND GARG on
May 08, 2018