TDS on Parking Fees
This query is : Resolved
03 March 2010
Belated Holi wishes to people responding/merely reading and moving on.
Parking Fee paid by client to the owner of the Parking space attracts TDS @ what rate?
It's a part of the lease agreement and specifically provides for a parking fee over and above the Rent payable for the office Space.
Thank You
Jai Sri Radhe Krishna
Parking Fee paid by client to the owner of the Parking space attracts TDS @ what rate?
It's a part of the lease agreement and specifically provides for a parking fee over and above the Rent payable for the office Space.
Thank You
Jai Sri Radhe Krishna
03 March 2010
If there's any relevant Circular/Notification/Case law, please quote the same.
Shyam Lal Naik
(Expert)
03 March 2010
Sir,
It is part of the lease and licence fee. TDS deductible u/s 194I.
It is part of the lease and licence fee. TDS deductible u/s 194I.
03 March 2010
Dear Shyam,
It's part of the agreement though an amount has been specifically stated as Parking Fee.
It's NOT INCLUDED in the 'Rent Payable'.
Thank You
It's part of the agreement though an amount has been specifically stated as Parking Fee.
It's NOT INCLUDED in the 'Rent Payable'.
Thank You
Shyam Lal Naik
(Expert)
03 March 2010
Sir,
Substance over form should prevail. Bifurcating and amount and using a different nemenclature does not alter the nature of the transaction.
"Rent" would ordinarily mean, consideration for use of immovable property. The nature of property may be different like dwelling house, factory, godown and even will encompass parking space.
In my view, 194I is attracted.
Substance over form should prevail. Bifurcating and amount and using a different nemenclature does not alter the nature of the transaction.
"Rent" would ordinarily mean, consideration for use of immovable property. The nature of property may be different like dwelling house, factory, godown and even will encompass parking space.
In my view, 194I is attracted.
CMA Ramesh Krishnan
(Expert)
03 March 2010
Sec.194I attract
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