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tds applicability

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16 May 2008 A public ltd. co. having an agreement with an individual for letting a building floor for their branch operation for Rs.24000p.m. But in agreement it is mentioned as Service & Maintenance charges and not as rent.
Co. is deducting TDS u/s 194I @ 15.45% but according to landlord it should be 2.06% u/s 194C.
My question whether it falls under scope of 194C or 194I?
I think it must come under194I
Please give supportings for answers like any case law or circulars etc. as an evidence and to convincing the landlord.
its urgent.
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
21 May 2008 In cases where the agreement is styled as a business centre agreement, the incidence of deduction of tax at source will not be affected, since it does not depend upon the nomenclature but on the content of the agreement as mentioned in clause (i) of Explanation to section 194-I.
Circular: No. 715, dated 8-8-1995
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