TDS on Lease Rent
This query is : Resolved
18 March 2008
Our company is paying lease rent on car taken on lease from ICICI Bank, but we are not deducting TDS on the lease rent. I want to know is there any TDS liability on the same. Is it make any difference that payments are being to ICICI Bank.
19 March 2008
ICICI IS A BANKING COMPANY.IT DOESN`T MAKE ANY DIFFERENCE.YOU HAVE TO DEDUCT TDS ON THE SAME U/S 194I
20 March 2008
TDS has to be deducted on the lease payment.
Yes it makes a difference when payment made to a company.
When payment is made to Individual TDS rate is 15% and when its Company TDS rate is 20%.
I think i have clarified your doubt.
Yes it makes a difference when payment made to a company.
When payment is made to Individual TDS rate is 15% and when its Company TDS rate is 20%.
I think i have clarified your doubt.
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