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Tds 194i

Swapna . R (-) (65 Points)

03 July 2013

Hai Friends,

While filing the Section Code in RPU 3.5 I found that Sec 94I is removed and splited into 4IA and 4IB. Can anyone tell me what sec should I select for TDS on rent?

whether Sec 4IA or sec4IB?

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12 Replies

DIBYENDU (SERVICE) (266 Points)
Replied 03 July 2013

194iB selet if u deduct TDS under Rent , because 194iA use for deduct TDS against purchase of immuvable property (other than Aguricultural land)

CA ANIL JAIN (CHARTERED ACCOUNTANT) (47 Points)
Replied 06 July 2013

As rent on plant & machinery and rent on property & furniture attracted different rate of TDS, there was lot of confusion which resulted in incorrect deductions leading to unintentional defaults.

This has now been addressed and from the FY: 2013-14, Section 194I (Rent Payment) has now been bifurcated into two sections as under:

194I(a) – Rent for Plant & Machinery – 2%
194I(b) – Rent for land, building & furniture – 10%

CA ANIL JAIN

+91-9998684231

1 Like

Naveen.N (student) (1021 Points)
Replied 09 July 2013

"I agree with CA Anil Jain"

As rent on plant & machinery and rent on property & furniture attracted different rate of TDS, there was lot of confusion which resulted in incorrect deductions leading to unintentional defaults. This has now been addressed and from the FY: 2013-14, Section 194I (Rent Payment) has now been bifurcated into two sections as under: 194I(a) – Rent for Plant & Machinery – 2% 194I(b) – Rent for land, building & furniture – 10%

vivek garg (Chartered Accountant) (51 Points)
Replied 09 July 2013

Dear Anil Ji,

If possible, kindly provide any base paper for the bifurcation of Section 194I into Section 194I(a) and Section 194I(b).

Regards.

Krishna Murthy (SFE) (22 Points)
Replied 11 July 2013

Dear Anil,

Can you provide us any reference documents for the solution you had showed us.

I am not able to search in google for the same..

Thanks in Adv.

Harish (Managing Partner) (67 Points)
Replied 13 July 2013

please revert the same with corroborative evidences at the earliest as due date is 15th july.

Thanks as per mee it shud be 194(IB) as per TDS RPU 3.5 version since it supports only IA & IB under 194, so please confirm the same at the earliest

Sathyanarayana Reddy P (Senior Manager - Finance) (26 Points)
Replied 30 July 2013

Section 194I has been bifurcated as below:
- Select value 4IA from the section code drop down where tax has been deducted under section 194I (a)
- Select value 4IB from the section code drop down where tax has been deducted under section 194I (b)

You may visit the below link for key features of RPU 3.5 including on the above matter for authentication.

https://www.tin-nsdl.com/etds-etcs/eTDS-RPU.php

Priya Dharshini (CA (Final)) (68 Points)
Replied 16 June 2014

Dear all,

If a person has deducted TDS under section 194I(b) of Income Tax Act for rent on Land and building, then does that cover House property income?

If yes, is standard deduction applicable for that property?

Kindly help me out.

Thanks in advance.

Ganesh Kadam (Student CMA) (22 Points)
Replied 23 June 2014

194IA - Rent on Plant & Machinery - 2%

194IB - Rent on Land & Bldg & Furniture - 10%

Trace Hold Limit - 180000 p.a

subhash kumar jha (PROFESSION) (445 Points)
Replied 23 June 2014

Say just in as small as possible to better understanding

IA is for 2 % (Rent on plan & Machinery)

IB is For 10 % ( rent of other)

MAULIN (SELF EMPLOYED) (25 Points)
Replied 04 July 2014

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Sanjay Kumar (Govt) (21 Points)
Replied 25 July 2014

Our CA has uploated quaterly return of our TDS on building rent in Q1 as 94IA and in remaining quarters 94IB which does not shows in the landlord account but form 16 generated. He does not rectifying the form 16. what is the possible nature of payment under rent TDS