RR FIlms is the production house making ad films. N R kazi provide Car On rent. RR films hire 4 car from NR KAZI for Shooting purpose. Issue a invoice of Rs34000 on 14th april 2013 bill in the name of NR KAZI . So what is the rate of tds should be deducted?
TDS is to be deducted on the basis of agreement between the two parties. If there is contract between them then U/S 194C otherwise U/s 194I.
In both cases the rate shall be 2% (either U/S 194C or U/S 194I )
For details refer link: /experts/tds-rate-on-car-hire-charges-697100.asp#.UW02r6JyCxA
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