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Tds applicability

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 April 2013 Hi,

Our Organisation has taken some tractors on rent from a govt. organisation in MP.

The query is, are we liable to deduct tax at source from the payments so made?

We are yet to figure out if it's a corporation established under central act.
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Trinadharao Adigarla

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Trinadharao Adigarla (Expert)
15 April 2013 Must Deduct TDS as per Income Tax Act.
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Anand

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Anand (Expert)
16 April 2013 obviously if it is not meeting the criteria specified u/s 196 of the Act, you are duty bound to deduct tds @ 2% being rent of plant & machinery
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
31 May 2013 There is difference between Govt. Department and Govt. undertaking. If it is department then no TDS but if it is undertaking then Yes as it is in the form of company and having shareholders either Govt. or financial institutions.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
31 May 2013 There is difference between Govt. Department and Govt. undertaking. If it is department then no TDS but if it is undertaking then Yes as it is in the form of company and having shareholders either Govt. or financial institutions.
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