Clarification
Chaand (free lancer) (36 Points)
28 April 2015
Can some one explain what is the difference between section 194I and 94I as far as TDS is concerned?
Deepak Gupta
(CA Student)
(15922 Points)
Replied 28 April 2015
194I is a section under which tax is deducted and 94I is a section code to be used in the TDS return.
But from FY 2013-14 onwards, the code has been bifurcated into 4IA and 4IB.
4IA stands for sec. 194I(a) - Rent from plant & machinery @ 2%.
4IB stands for sec. 194I(b) - Rent from land & building/furniture & fitting @ 10%.
CA HAYEDAR SHAIKH
(Practice )
(622 Points)
Replied 28 April 2015
Dear Ashok,
194I is section and 94I code for making payment of tds on rent.
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