TDS U/S 194I applicability
This query is : Resolved
05 April 2008
XYZ PVT. LTD. HAS ENTERED INTO AN LEASE AGREEMENT WITH ABC.LEASE PERIOD 60MONTHS(2lacs*60).EVEN IF THE LESSEE WANTS TO TERMINATE IN BETWEEN CO HAS TO PAY RENT FOR BAL LEASE PERIOD. AFTER 12 MONTHS XYZ LTD WISHES TO TERMINATE THE AGREEMNT.THUS WAS BINDING TO PAY THE LEASE RENT FOR BAL PERIOD OF 48 MONTHS(2lacs * 48).AFTER NEGOTIATING THE LESSOR AGREED TO TERMINATE THE AGREEMENT WITHOUT CHARGING ANY PENAL RENT FOR BAL LEASE PERIOD PROVIDED THE CO. WILL NOT BE COMPENSATED FOR THE FURNITURE WORK DONE(60 lacs) AND THE DEPOSIT(5lacs) WILL NOT BE REFUNDED.
QUERRY:-
1.UNDER WHICH PROV OF THE IT ACT THE ASSET CAN BE DELETED FROM THE BLOCK?THERE ARE OTHER ASSETS IN THE BLOCK.
2.IS THE TRANSACTION LIABLE FOR TDS?IF YES, A) What should be the amount?(penal rent or book value + depoit)B) Under which section 194I or 194C?
QUERRY:-
1.UNDER WHICH PROV OF THE IT ACT THE ASSET CAN BE DELETED FROM THE BLOCK?THERE ARE OTHER ASSETS IN THE BLOCK.
2.IS THE TRANSACTION LIABLE FOR TDS?IF YES, A) What should be the amount?(penal rent or book value + depoit)B) Under which section 194I or 194C?
08 April 2008
1.What is the nature of Furniture work? Is it removable like chairs etc.?
2.TDS on what you are asking? when there is no payment where is the TDS question arising?
2.TDS on what you are asking? when there is no payment where is the TDS question arising?
09 April 2008
1.COmponent is partly removeble and partly affixed. However irrespective of that part the company has to leave the entire furniture as it is, without being compensated for it.
2.TDS on rent. If I have to pass a book entry for recording the entire penal rent(48*2lacs) and credit the rent exp account to the extent of book value of furniture and deposit surrendered/given up. Thus rental should attract 194I prov..
2.TDS on rent. If I have to pass a book entry for recording the entire penal rent(48*2lacs) and credit the rent exp account to the extent of book value of furniture and deposit surrendered/given up. Thus rental should attract 194I prov..
09 April 2008
1.COmponent is partly removeble and partly affixed. However irrespective of that part the company has to leave the entire furniture as it is, without being compensated for it.
2.TDS on rent. If I have to pass a book entry for recording the entire penal rent(48*2lacs) and credit the rent exp account to the extent of book value of furniture and deposit surrendered/given up. Thus rental should attract 194I prov..
2.TDS on rent. If I have to pass a book entry for recording the entire penal rent(48*2lacs) and credit the rent exp account to the extent of book value of furniture and deposit surrendered/given up. Thus rental should attract 194I prov..
12 June 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
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 Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- ASMT-10 received from A O
- IT returns for fresh job holders
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
