one company give the building & car parking service to many clients and clients deduct the TDS @ 10% for both the services.
my question is
What's the TDS rate for Car parking?
it comes under 194I or any other?
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TDS rate and section for car parking
Replies (2)
Quick Summary
It seems it is in the nature of renting of land ( parking space ) and building hence tds under section 194I is applicable.
You can treat it as contract if you are providing other services ancillary to car parking like valet parking etc and make a service agreement. then tds will be under Sec 194C at 1% / 2% accordingly. But a service agreement becomes a must.
Sometimes rent component could be considered under 194 I and valet parking( service )compnent as 194C as well.
So all these are possibilities depending on facts of your case.
You can treat it as contract if you are providing other services ancillary to car parking like valet parking etc and make a service agreement. then tds will be under Sec 194C at 1% / 2% accordingly. But a service agreement becomes a must.
Sometimes rent component could be considered under 194 I and valet parking( service )compnent as 194C as well.
So all these are possibilities depending on facts of your case.
Thanks 😊
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