Tax Deduction at Source on interest applies where an individual or HUF's prior-year turnover exceeds prescribed audit thresholds, deduction obligation.

An amendment makes an individual or a Hindu undivided family liable to deduct income-tax on interest payments when their total sales, gross receipts or turnover in the immediately preceding financial year exceeded the monetary limits specified under the audit thresholds, thereby linking the TDS obligation on interest to prior-year turnover.

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