Dear All,
How much is the TDS if car has been taken on lease. i need tax rate and section along with explanation and examples it is very urgent for me.
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TDS
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Following the Taxation Laws (Amendment) Bill, 2005, which was introduced in the Lok Sabha on May 12, 2005, and has been passed into law, all lessees will have to deduct 20 per cent tax on the entire rental under section 194 I.
10% TDS rate, Plus surcharge, plus education cess, plus SHEC at 1%; if payment exceeds Rs. 1,20,000 p.a. under section 194I. Lease rent payable gets covered under section 194I as rent includes lease payment. As per the amendment the rate of 10% is applicable in case of hiring of Plant, Machinery or Equipment etc..,
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