My query is relating to Tds, I own a logistic company who provides TATA trucks and trailers to different infrastructures companies like Simplex and Lanco Infra on a monthly rental basis. They deduct TDS under the head 194I @ 2%. But the above trucks and trailors provided by me were not own by me. I hire it from different transport company at monthly rental and give it to infrastructure companies.
Now, I have an obligation to deduct TDS of transport company, some experts are saying to deduct u/s 194I @ 2% and some are saying to deduct 1% under 194C (Sub Contractor) as transport company act as a subcontractor in the above case.
Now tell me what to do.
Thankyou,
CAclubindia
