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tds on lease rental

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(Querist)
24 May 2008 whether tds is liable to be deducted on lease rental paid in case of financial lease and on instalment in case of Hire purchase agreement? if yes, then whether on whole amount or the interest portion only?
I strongly believe that in both cases tds is not liable to be deducted. But is there any circular or a provision which says this or otherwise? Please reply.
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MANISH MISHRA

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MANISH MISHRA (Expert)
24 May 2008 definition of rent under section 194I includes Lease and sublease.

TDS is payable on any amount charged in pursuance of such arrangement.

Amount = Interest + Principal
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rahul tangri

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rahul tangri (Querist)
25 May 2008 hey man,
u didnot understand my querry?
fst of all tell me whether u feel that tds is at all deductible? if yes then under what section. if u say 194I, then kindly refer 194I is only lease for use n not financial lease, where the ownership is transfered at the end of lease period. kindly reply in the context as soon as possible.
bye. tc.
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