alleryStart learning →An individual or HUF paying interest becomes liable under 194A when
AIt pays any interest
BIt is a senior citizen
CIt has a valid PAN
DTurnover exceeds limit
Answer & Solution
Correct answer: D. Turnover exceeds limit
The proviso binds an individual or HUF whose business turnover in the preceding year exceeded the section 44AB audit limits.
Keep practising Deduction, Collection and Recovery of Tax
Browse all Deduction, Collection and Recovery of Tax questions for CA Final, or explore more Taxation topics.
Related questions
A shorter payment period than thirty days needs previous approval of theDefault in one instalment under 220(5) makes the assessee in default forUnder 220(3), the Assessing Officer may allow the assessee to payLate payment of a demand attracts simple interest per month atUnder section 220(1), a demand notice amount is payable withinA collector must give the buyer a certificate that tax has beenCollecting tax at source under 206C isA seller fails to collect tax under 206C. He is still liable to