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TDS on Vehicle Yard Rent

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(Querist)
24 January 2010 Sir,

I'm working in a NBFC, we are paying approximately 2 Lacs pa to an individual as yard rent for keeping seized vehicles and there's no written agreement on that.I would like to know whether the yard rent payment to him attracts TDS? and what the percentage to levy? please advice.


Regards,

Mahesh G
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
24 January 2010 it is leviable for TDS u/s 194I as it is rent for land.
TDS rate should be 10% from 1 Oct 09.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
24 January 2010 Yes.194I 10%
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