https://www.taxtmi.com/caselaws?id=57566 A partnership firm is a distinct assessable person under the Income-tax Act, separate from its partners, and therefore does not fall within the limited exemption from tax deduction at source on interest payments available only to individuals and Hindu undivided families under section 194A. Because the word "firm" is absent from that exemption, a firm remains bound to deduct tax at source on interest paid by it. Non-deduction exposes the firm to being treated as an assessee in default and to liability for interest under sections 201 and 201(1A). en-us Wed, 28 Feb 2001 00:00:00 +0530 Fri, 10 Dec 2010 18:05:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57566 A partnership firm is a distinct assessable person under the Income-tax Act, separate from its partners, and therefore does not fall within the limited exemption from tax deduction at source on interest payments available only to individuals and Hindu undivided families under section 194A. Because the word "firm" is absent from that exemption, a firm remains bound to deduct tax at source on interest paid by it. Non-deduction exposes the firm to being treated as an assessee in default and to liability for interest under sections 201 and 201(1A). Case-Laws Income Tax Wed, 28 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57566