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.
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
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- ETDS return q4 25-26
- Intimation under section 245
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GST input credit on commercial property
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
