What will be the rate of TDS On rent paid for a bus used by the Company for a particular function.
SIVARAMAKRISHNAN P.G
(CA final student)
(129 Points)
Replied 08 April 2014
The rate of TDS is 2% (rent for use of plant/machinery)
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 08 April 2014
if receipient is an individual or HUF than TDS rate is 1%
if receipient is other person than TDS rate is 2%
ANIL KARMANI
(JOB)
(23 Points)
Replied 08 April 2014
Amit Chandak
(Chartered Accountant)
(152 Points)
Replied 09 April 2014
SIVARAMAKRISHNAN P.G
(CA final student)
(129 Points)
Replied 09 April 2014
As the amount paid is in the nature of rent 194I will be applicable instead of 194C
DINU SUKUMAR
(Audit Manager)
(176 Points)
Replied 09 April 2014
TDS on rent of plant & machinery is u/s 194I at 2%. However, here the bus was used for the purpose of a particular function only. Usually, travel agents are contract carriers. If you are taken the bus was on rent section194I is applicable. Rgards
chander kant
(student)
(33 Points)
Replied 11 April 2014
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