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Clarification
Can some one explain what is the difference between section 194I and 94I as far as TDS is concerned?
Replies (2)
194I is a section under which tax is deducted and 94I is a section code to be used in the TDS return.
But from FY 2013-14 onwards, the code has been bifurcated into 4IA and 4IB.
4IA stands for sec. 194I(a) - Rent from plant & machinery @ 2%.
4IB stands for sec. 194I(b) - Rent from land & building/furniture & fitting @ 10%.
Dear Ashok,
194I is section and 94I code for making payment of tds on rent.
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