TDS

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ankit (Querist)
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06 December 2009 i have one question whether tds on vehicle hire(indica car)is to be considered as contractor under 194C or as 194I as car is considered as plant.

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
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06 December 2009 194C

Taranjit Singh

Taranjit Singh (Expert)
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07 December 2009 The hiring of taxi is now subject to TDS u/s 194 I . Under Section 194I , rate of tax for an individual is 15% .If you file your return in status of Individual status, rate of deduction shall be 15% .However, if the rent during the year does not exceed Rs 1,20,000,no TDS has to be done.
Therefore, first see whether with each company you are getting rental above Rs 1,80,000 , if not request them not to deduct the tax.
For your ready reference ,section 194I is given as under

"194-I. Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident] any income by way of rent, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon

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