TAX IMPLICATION ON PARKING INCOME

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VISHRUT (Querist)
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08 June 2009 HI
iN CASE OF TRANSACTION OF LETTING OF A PARKING PLOT FOR SPECIFIC PARKING PURPOSE SUCH RENT INCOME WILL BE COVERED UNDER SECTION 206C OR WHETHER IT WILL COVERED UNDER 194I?

taxindiaconnect

taxindiaconnect (Expert)
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08 June 2009 TDS on car parking space will be deducted under section 194C. In the case of DCIT VS Japan Airlines (2005) 93 ITD 163 Delhi ITAT has held that parking charges and landing charges paid by the airlines to airport authority is not in the nature of rent. Hence TDS on such payment be deducted u/s 194C. Taking a clue from the this decided case, it can be comfortably concluded that on payment of car parking expenditure the provision of section 195C shall apply.
The answer to your first query is that yes on 1st June you can pay without interest. As per the definition of due date given in the General Clauses Act, the if the last day for any stautoty compliance is a public holiday, in such cases the next working day would be treated as the last day for due date purpose.

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