My company took 10 pcs Air Conditioner on hire basis from a person (individual) the hire amount would be Rs 400 per AC per month for whole year and 3pcs Refrigerator @ Rs.375/- each for 8months and 2pcs Refrigerator @ Rs.375/- for 4months. Now my question is that is the expenditure attract TDS?if yes under which section?
INDRA
Yes.
If the payment exceeds Rs.120000/- in the financial year, TDS is deductible u/s. 194I.
You are going to paying morethan Rs120000 p.a. attract TDS u/s 194I.
Yes, TDS U/s 194I would be applicable if total amount exceeds Rs 120000 in a year.
Yes TDS would be liable @ 10% + E.Cess & S.H.E.C.
CAclubindia
