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Tds on car hired on lease basis

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 December 2011
One X company had taken on lease a motor vehicle for one of its employees paying a monthly rent of 50000. Whether TDS is applicable on the payable of the lease rent.If so, at what percent ?
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Abhishek Ranjan Singh

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Abhishek Ranjan Singh (Expert)
14 December 2011 Yes TDS is Applicable
if it is taken from any company than 2%
Otherwise 1% u/s 194C

Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
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CA Sanjay Jha

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CA Sanjay Jha (Expert)
15 December 2011 Recent judgement of itat came in this regard hire and rent.

in this case company take a vehicle on hire because company pay fixed some money for a fixed contract. so applicable rate is tds on contract.

thanks
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Abhishek Ranjan Singh

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Abhishek Ranjan Singh (Expert)
15 December 2011 Mr. Jha...T
TDS is applicable U/s 194C @ 1% or 2%
why are you giving complicated answer i think my answer is enough.
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