querry regarding tax audit
This query is : Resolved
divya khanna
(Querist)
07 January 2008
what is covered under hire charges under section 194I?
divya khanna
(Querist)
07 January 2008
what is covered under hire charges under section 194I?
CA. Vineet Grover
(Expert)
08 January 2008
Hi Divya,
The tax is to be deducted from rent paid by whatever name called, for hire of property (for instant, payments made by company, taking premises on rent but styling the agreement as a business center agreement, would attract the provision of Sec 194I) The incidence of deduction of tax at source does not depend upon the nomenclature, but on the contents of the agreement as mentioned in clause (i) of Explanation to Sec 194I.
Rgds/
Vineet
The tax is to be deducted from rent paid by whatever name called, for hire of property (for instant, payments made by company, taking premises on rent but styling the agreement as a business center agreement, would attract the provision of Sec 194I) The incidence of deduction of tax at source does not depend upon the nomenclature, but on the contents of the agreement as mentioned in clause (i) of Explanation to Sec 194I.
Rgds/
Vineet
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