Tds rate on storage rental of tanks
This query is : Resolved
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
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
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.
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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