Limit of tds deduction
This query is : Resolved
19 June 2017
sir i purchase a air conditioner on rented on rs. 26500 (including all taxes).now how many tds deduct on this entry
19 June 2017
Section 194I specified two rates for TDS on rent. If It’s paid for the use of plant, machinery or equipment then TDS has to be deducted at the rate of 2% and in cases like rent for land, building or both or furniture or fixture TDS rate is to be 10%.
TDS on rent as mentioned under section 194I is a flat rate. Surcharge is not applicable to TDS on rent unless the payment is to a foreign company in excess of Rs. 1 crore.
Even education cess or secondary and higher education cess is not to be charged on amount of TDS on rent.
So TDS@2% is deducted on AC.
TDS on rent as mentioned under section 194I is a flat rate. Surcharge is not applicable to TDS on rent unless the payment is to a foreign company in excess of Rs. 1 crore.
Even education cess or secondary and higher education cess is not to be charged on amount of TDS on rent.
So TDS@2% is deducted on AC.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
