Tds on lease rent of car
This query is : Resolved
22 September 2011
Is TDS under section 194 I is applicable on lease rent paid for motor vehicle (Car)?
The ownership of the car is with the lessor.
According to the definition under section 194 I rent on vehicle is not mentioned.
And Vehicles are included under the definition of Plant & Machinery for the purpose of providing Depreciation.
Please post your answers with reference to any case law.
The ownership of the car is with the lessor.
According to the definition under section 194 I rent on vehicle is not mentioned.
And Vehicles are included under the definition of Plant & Machinery for the purpose of providing Depreciation.
Please post your answers with reference to any case law.
27 September 2011
For the purpose of Section 194I, the meaning of machinery, plant & equipment has to be taken in its strcit sense.
The classification of motor car under plant & machinery is only for the purpose of Section 32(depreciation).
Accordingly, Section 194I shall not be applicable to lease rent paid for motor car.
The classification of motor car under plant & machinery is only for the purpose of Section 32(depreciation).
Accordingly, Section 194I shall not be applicable to lease rent paid for motor car.
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