TDS on Hire vehicles Sec 194 I
This query is : Resolved
Sai krishna Medikonda
(Querist)
30 December 2008
X Ltd. is giving vehicles on hire (Hire is Rs.1,00,000/- per month) to Y ltd., and then X ltd. also takes vehicles on hire(hire is Rs.20,000 per month) from Y Ltd. Now the X Ltd. pays to Y Ltd Rs.80,000(i.e 1,00,000-20,000). Now the Query is on what amount TDS shall be deductd? (i.e on Rs.1,00,000/- or Rs.80,000/-)
30 December 2008
Rs. 100000/-. Tax is deducted on the gross amount payable as per the agreement.
CA Chaitanya
(Expert)
31 December 2008
It is to be deducted on Rs.100000/-
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