tds applicable or not

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munish (Querist)
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25 September 2009 xyz a partnership firm has paid rent of rs : 2.3 lac for machinary used of another firm 'A' which is proprietor concern. XYZ firm liable to deduct tds or not. if yes under which section ?
please clarify it in detail .

Shyam Lal Naik

Shyam Lal Naik (Expert)
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25 September 2009 It is assumed that the payment during the the FY 08-09.

TDS @ 10.30%(Basic rate 10% + Education Cess 3%) is attracted under section 194I.

CP Ram

CP Ram (Expert)
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25 September 2009 Yes, TDS is applicable u/s 194I and the TDS rates applicable for the f.y. 09-10 & a.y. 10-11 are given below:

Upto 30/09/09
TDS Rate = 10%
Surcharge = Nil
Cess = Nil

From 01/10/09
TDS Rate = 2%
Surcharge = Nil
Cess = Nil

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