https://www.taxtmi.com/caselaws?id=263655 Partners and partnership firms are treated as distinct assessees, so individual partners paying interest to firms on borrowed funds may be required to deduct tax at source under section 194A where the statutory conditions are met; non-deduction can trigger disallowance under section 40(a)(ia). The second proviso to section 40(a)(ia), inserted by the Finance Act, 2012, is treated as prospective and not available for earlier assessment years absent binding authority to the contrary. Section 40(a)(ia) is also applied to sums payable during the year, not only to amounts outstanding on the last day of the financial year. en-us Thu, 28 Aug 2014 00:00:00 +0530 Tue, 08 Sep 2015 10:27:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263655 Partners and partnership firms are treated as distinct assessees, so individual partners paying interest to firms on borrowed funds may be required to deduct tax at source under section 194A where the statutory conditions are met; non-deduction can trigger disallowance under section 40(a)(ia). The second proviso to section 40(a)(ia), inserted by the Finance Act, 2012, is treated as prospective and not available for earlier assessment years absent binding authority to the contrary. Section 40(a)(ia) is also applied to sums payable during the year, not only to amounts outstanding on the last day of the financial year. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263655