Tax deducted at source

Section 194-I:: Rent on a) Plant & Machinery (2%)

b) Land or building or furniture or fitting (10%)

Section 194-IA: Payment on transfer of certain immovable property other than agricultural land (1%)

Section 194 -IB   :  Rent payable by an individual or HUF not covered u/s. 194I (w.e.f from 01.06.2017) (5%)

No section 194IC !!!

Yes........... I stand corrected for insertation of section 194IC as applicable from AY 2018-19, namely: 

“194-IC. Notwithstanding anything contained in section 194-IA, any person responsible for paying to a resident any sum by way of consideration, not being consideration in kind, under the agreement referred to in sub-section (5A) of section 45, shall at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent. of such sum as income-tax thereon.”

The TDS u/s. 194IC is applicable over joint development agreement where some amount of consideration is also given (by cash or agreed by agreement) over and above some share in property.