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Tds for rent on building under section 194ib

Jesal (Director) (25 Points)

29 September 2014

I GOT TDS CERTIFICATE FOR RENT IN WHICH NATURE OF PAYMENT IS 194IB. Is that right..?

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9 Replies

Ankit (CA, CS) (3064 Points)
Replied 29 September 2014

It should be under section 194I

Jesal (Director) (25 Points)
Replied 29 September 2014

Bt company issued me TDS certificate with nature of payment as 194IB Can i fille my return with that certificates..?plz reply

Karthik.V.Kulkarni (Chartered Accountant) (594 Points)
Replied 29 September 2014

Yes you can, provided the certificate is as downloaded from traces. 194 I(b) is for rent you can use it and file return on the basis of that. Better option would be to check your 26As and if the credit is reflected in 26 As us can take it.

Ramanuj (Accountant.) (834 Points)
Replied 30 September 2014

please cheak the 26 as and return the file

thanks

nagendra.s (accountant) (69 Points)
Replied 01 October 2014

194i b is for rent on land and building a is for rent on plant and machinery It is correct go head

Roopesh Gangisetty (Article trainee) (176 Points)
Replied 01 October 2014

Section 194 is divided into 2 subsections

It deals about renting of movable property (JCB etc)
Deals about renting of immovable property.

In your case, please ignore about certificate. It might be either original or Duplicate. In order to minimize the frauduality, department people have introduced the concept 26AS, where you can get in Income tax Login. You can check it there.

NAGENDER VARIKELA (Student) (29 Points)
Replied 31 March 2015

As rent on plant & machinery and rent on property & furniture attracted different rate of TDS, there was lot of confusion which resulted in incorrect deductions leading to unintentional defaults.

This has now been addressed and from the FY: 2013-14, Section 194I (Rent Payment) has now been bifurcated into two sections as under:

194I(a) – Rent for Plant & Machinery – 2%
194I(b) – Rent for land, building & furniture – 10%

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NAGENDER VARIKELA (Student) (29 Points)
Replied 31 March 2015

VIJO JOSEPH (ACCOUNTANT) (21 Points)
Replied 05 April 2016

In Form 26AS it is mentioned that, Section 194-IA:Payment on transfer of certain immovable property other than agricultural land, Then what is the difference between, Sec 194IA, IB & 194-IA ?