TDS on Storage, Parking Charges ( Custodial Services )

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 February 2011 Dear,

we are into business of financing Vehicles. If customer doesn't pay, we repossess the asset for e.g. Cars and keep in Stock Yard...There are Custodial Service charges towards Parking / Storage / Retention of these Vehicles for particular Period by Stock Yard Owner.

We pay to Stock Yard Owners for these Custodial Service chgs in nature of Parking/Storage/Retention of Vehicles.

Whether Stock Yard owner will be treated as Professional / Contractual u/s 194J or 194I or 194C i.e. 10% or 10% or 2% , what rate of TDS to be deducted.

Kindly confirm.

Kumar Babu.G

Kumar Babu.G (Expert)
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09 February 2011 This case will be covered under 194I i.e., Rent other than Plant,Mach&Equp.Hence rate of TDS applicable is 10%.

Guest

Guest (Expert)

09 February 2011 In my opinion, Sec. 194C will be applicable as it is simply a contract

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TDS on Storage, Parking Charges ( Custodial Services )

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