banner_ad

tds liabilities on lease rent of cable

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 May 2010 I have received a bill of lease rent on fibre cable for rs. 30 lacs for the period from 01.01.2010 to 31.12.2011 & I have enter the bill in my books with prepaid expenses for 9 months, now i want to now my liability to deduct tds on on Rs. 30 lacs or Rs. 7.5 lacs as on 31.03.2010 and what is the tds rate,if we deduct the tds on Rs. 30.00 lacs and claim the exps. Rs. 22.5lacs in next year by transfering the balance from prepaid exps. can the I dept. can ask to deduct the tds on expenses treated Rs. 22.5 in the next year.
Profile Image

Shyam Lal Naik

Profile Image

Shyam Lal Naik (Expert)
24 May 2010 TDS is to be deducted on payment or credit, which ever is earlier.

The event to deduct TDS arises on crediting the bill. Recognition of revenue, either in the year of credit or in later year(s) is not relevant. You have to deduct TDS on 30 Lacs on the date of credit/entry.

The transaction appear to fall under section 194I. The rate is 2% wef 01.10.09.
Profile Image

CMA. CS. Sanjay Gupta

Profile Image

CMA. CS. Sanjay Gupta (Expert)
24 May 2010 I HAVE ONLY ONE DOUBT. WHETHER FIBRE CABLE FALLS UNDER PLANT & MACHINERY.
Profile Image

JAGROOP SINGH

Profile Image

JAGROOP SINGH (Querist)
29 May 2010 pls reply soon
Profile Image

Aashok Kumar Sharma

Profile Image

Aashok Kumar Sharma (Expert)
27 July 2025 https://docs.google.com/document/d/1OSF5udDHZ2qVO3pUpb0eoYeylztI2SlJq4FL8l1ViE8/edit?usp=sharing
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details