Tds rate on storage rental of tanks

This query is : Resolved

Pramod Kalantri (Querist)
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11 April 2012 Dear Sir,
Our company is providing services for storage of import Liquid product in Storage Tanks and for that company charge the storage rental to the clients.
My query is that what will be the TDS rate to be deducted by the clients.......?????????

As per my thinking TDS should be deducted @ 2% U/s 194 I as the storage Tanks is our plant and machinery and we are given our tanks on hire. However I want to take an expert advice. please also give us any suitable case laws if you have any.
Thanks,
Pramod Kalantri

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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14 April 2012 Dear Pramod,
You are absolutely correct anything given on rent is to be charged at the prescribed rate as prescribed for deduction under that head. In your case the TDS is to be deducted @ applicable for renting out a property or machinery.

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