TDS

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS))   (11763 Points)

06 November 2009  

Sub:- TDSon payment on lease rent for car
 
A LTD HAS PAID LEASE RENT FOR CAR RS. 300000.00 PER MONTH TO B LTD.
 
B LTD. HAS MADE THE INVOICE RS. 300000( RS. 200000 (INSTALLMENT) + 25000 (VAT) +75000( FLEET MANAGEMENT)
 
NOW MY QUESTION IS WHETHER A LTD IS LIABLE TO DEDUCT TDS ON LEASE FOR CAR U/S 194C / U/S 194I OR NOT.
 
IF THERE IS ANY CIRCULAR OR NOTIFICATION REGARDING ABOVE MATTER THEN KINDLY NOTED ME.
 
KINDLY GIVE THE REPLY AS SOON AS POSSIBLE