Tds on machinery hire

The payer has to deduct TDS on agreed rent being paid to the payee.

section 194I does not require ownership. It includes letting as well as sub-letting of machines.

So in ur case you are liable to pay tds on Rs.120000.

but here tds is being Deduted Two Tyms on 120000/-

TDS has to be deducted at every point of expense. You will have to deduct the TDS on amount being paid by you i.e. Rs.1,20,000/- and company has to deduct TDS on amount being paid to you i.e. Rs.1,40,000/-

yes. i completley agree with the above comment

If payment amount exceeds the specifying amount i.e.Rs.180000/- Per Annum you need to deduct TDS subject to " If your books of accounts to be audited Under Section 44AB "

Note : 1. If your books of accounts are audited in previous year and this year not required then you have to            deduct TDS.

             2. If your books are not audited till previous year and this year also not requied to Audit then TDS          need not deduct.

Friends if i am wrong please correct me.