We have partnership transport company tds rate about gps tracker rent paid

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This discussion clarifies the accounting treatment and TDS (Tax Deducted at Source) implications for monthly GPS tracker rental payments made to a transport company. It addresses whether to debit rent expenses and the applicable TDS rates under Section 194I of the Income Tax Act, distinguishing between 2% for plant and machinery and 10% for land or building rent, subject to threshold limits.

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(Querist)
28 May 2021 we have paid gps tracker device rent per month please let me know which expenses we have debit and % of tds deduct
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
28 May 2021 Debit to rent expenses. TDS @2% u/s 194I subject to crossing of threshold limit of Rs.2.4 lacs pa
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Hiru Dada

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Hiru Dada (Querist)
28 May 2021 tds 2% or 10% please verify under 194I rate is 10% then why deduct 2%
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
28 May 2021 10% in case of Rent of land or building or furniture or fitting and
2% in case of Rent of plant and machinery
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