When 2 seprate contract made for 1 persone 1 is for rent and other is repair and maintance
the rent tds is 10% and repair & maintance tds is 2% it is correct or not
some one advise me to deduct 10% tds for both contract what i do in this situation
Raghunath Prasad (WORKING) (385 Points)
03 February 2012When 2 seprate contract made for 1 persone 1 is for rent and other is repair and maintance
the rent tds is 10% and repair & maintance tds is 2% it is correct or not
some one advise me to deduct 10% tds for both contract what i do in this situation
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 03 February 2012
You should deduct 10% on rent and 2% for maintenance. There is no law which says you should deduct 10% on both payments.
Raghunath Prasad
(WORKING)
(385 Points)
Replied 03 February 2012
but i heared that if 2 contracts with the same parson then td deducted higher rate for all contracts
Khetan
(Audit Executive)
(29 Points)
Replied 03 February 2012
Mr Raghu,
As per Sec 194I, you have deduct TDS @ 10% on rent (exclusive of Service tax) and 2% on repairs & maintainance (inclusive of Service tax)
Khetan
(Audit Executive)
(29 Points)
Replied 03 February 2012
You have to deduct TDS @ 10 on Rent (Exclusive of ST) and 2% on Repairs&maintaince (inclusive of ST) as per 194I
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