TDS on RENT - A - CAB

This query is : Resolved

ramkumar (Querist)
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05 March 2009 TDS % for the income generated on Rent-a-cab operation, where the vehicles are dedicated operation for a project and also vehicles provided for non dedicated operations. ALSO MENTION THE SECTION OF INCOME TAX ACT

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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05 March 2009 tds is to be deducted @ 2.266% if payment are more than rs.20 thousand at a time or total payment is in excess of rs.50000/-in the year

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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05 March 2009 Section 194C apply. Rate 2%+2%+1%

CA.MANOJ LAMBA

CA.MANOJ LAMBA (Expert)
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05 March 2009 in my opinion, rent from cab opreation covered as machinery rental. hence tds is deducted @15% + surcharge + education cess as applicable in case of rent if its exceeds rs.120000/- only

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)
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05 March 2009 It will definately come in contract basis Section 194C not in rent 194I, as definition of Rent in this section doent includes the same.

Applicable Section 194C and TDS rate is 2% + Surcharge (if any) + 2% education cess + 1% SHEC i.e. 2.266% or 2.06%