Tds on rent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2012
Actually am doing audit in a company.It is using vehicles on a rent to directors now my doubt whether company has to deduct tds on such rent @10% or 2%{by treating it as a P&M} .The company is deducting @10% under section 194c but to my way of thinking car has to be treated as P&M and deduct 2%.Please analyse it and clarify my doubt.
27 May 2012
You have not mentioned the Section under which 10% TDS is being considered.
.
However, your view is correct in this regard.
.
U/s 194I the applicable TDS rate for P or M is 2%.
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Further, in case of a contract, applicability of Section 194C also may be seen.
.
.
However, your view is correct in this regard.
.
U/s 194I the applicable TDS rate for P or M is 2%.
.
Further, in case of a contract, applicability of Section 194C also may be seen.
.
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