My client is in manufacturing. They use lot of gases. So a vendor installed a tanker on the site,which periodically filled by a tanker lorry.
Vendor charges Rent for the above tanker with Excise duty and Vat
Ed portion & Vat were availed by the client
My Question is
Is my client required to deduct TDS on the rental paid u/s 194Iand the rent is 30,000 per month
Hello Friend,
As per your question asked, yes TDS will be deducted @ 10% u/s 294I (as it says 10% for the use of any machinary, plant or equipment) and as yuor rent paid exceeds 1,20,000 it has to be deducted. Hope my answer my assist you.
with regards
Sundeep Bararia
If our company going to booked exhibition stall in mumbai and towards we are making payment against space booking of Rs.700000/-. Please inform us application of TDS rate & covered under which section (194C/194I)in the case of company.
Today many companies are outsourcing their work. for eg. in case of outsourcing of salalry, commission payments to employees. who will be ultimately held responsible for non deducion or non payment of tds. the principal company or a company to whom outsouircing is done. who will be liable in default. in whose Profit & loss account finally such salary expenses will be recoreded as principal Co. will reimburse the salalry commission payment amount to the outsourced co.
ok usually TDS is dedcucted on Gross value right. Take the example of a rent a cab service where we deduct TDS on the Bill value including the available portion of service tax. why i should deduct on the rent only i need to deduct on ed& VAt also
CAclubindia
