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What should be the TDS rate

This query is : Resolved 
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(Querist)
01 August 2007 One business concern normally takes Car on hiring basis. So TDS should be deducted as payment to contractor or payment for rent of use plant & machinery.
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CA. Hitesh Aggarwal

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CA. Hitesh Aggarwal (Expert)
02 August 2007
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CA. Hitesh Aggarwal

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CA. Hitesh Aggarwal (Expert)
02 August 2007
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CA. Hitesh Aggarwal

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CA. Hitesh Aggarwal (Expert)
02 August 2007 Rate of TDS on Rent will apply only if goods rented is some building or other immovable goods. As per defination of work defined under sec. 194c the expression work shall include carriage of goods and passangers by any mode of transport other than by railway. Therfore it will include under work contract and rate of TDS define under sec 194c will be apply
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CA Mani

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CA Mani (Expert)
02 August 2007 Yes
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CA Mani

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CA Mani (Expert)
02 August 2007 194C Shall apply and rate is 2.266% {[(2%)+10%]+3%}
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Jitender

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Jitender (Expert)
21 August 2007 rate will be 2.266% if payment is more than 1 crore to co. & partnership firms otherwise rate is 2.06%
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