Last Chance: Get 10% OFF on CAclubindia Pro Subscriptions. Subscribe Now!

Section code 94i not found in rpu

9311 views 1 replies

Srikanta Adhikary

Service

40 Points Posted on 05 July 2013

Sir, in ETD RPU version 3.5 (Annexure-1, Section under which payment made- 94I i.e. for Rent not found).
then how should I proceed with Filing of Q1 after preparing the Return where we deduct tax on Rent.
Plz advice me.

Regards,

Srikanta Adhikary

Replies (1)

Quick Summary

In older RPU versions, Section 194I may not appear directly. From FY 2013-14 onwards, it is split into 194I(a) for plant and machinery (2%) and 194I(b) for land/building/furniture (10%). Deductor should select the correct sub-section based on type of rent payment.

Prateek

Top Management

213 Points Posted on 08 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%

So choose 94 I (a) / 94 I(b) - accordingly.