Renting of motor vehicles

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sagar.polu (Querist)
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18 April 2013 Whether reverse charge mechanism applicable for the following case:
A public ltd company hired a Tata Sumo for official purpose(for higher level employees guests, auditors,) and payment is done on monthly on the basis of a agreement entered into.

CA Vikas Acharya

CA Vikas Acharya (Expert)
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18 April 2013 applicable, renting of motor vehicle designed to carry passenger.
if services taken from:
individual/huf/partnership firm/AOP.
tax on abated value 100
tax on non abated value 40

option is yours to take the abatement or not.

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