company is making payment for rent of plant and machinery ( Rs 13000 p.m) and building ( 14,000) to the same vendor .my query is whether the limit of Rs 1,80,000 under section 194 I is to be checked seprately for both the payment.
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Tds u/s 194 i
Replies (15)
TDS u/s 194I for building is at 10% whereas for plant and machinery it is at 2%. So yes, it will be computed separately.
If you are paying rent of L&B & P&M to same person and the sum is exceeding Rs.1.80 lacs, then you are liable to deduct Tds @ 10% & 2% for L&B andP&M respectively
| Originally posted by : Pradeep Gupta | ||
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If you are paying rent of L&B & P&M to same person and the sum is exceeding Rs.1.80 lacs, then you are liable to deduct Tds @ 10% & 2% for L&B andP&M respectively |  |
Agree. Since total payment to same payee exceeds Rs 1.80 Lacs p.a. TDS has to be deducted.
Tds needs to be deducted.
Agree with experts, tds will be applicable as per norms
Both r seperate things and ther rates are also different. So u have to charege seperately.
it will be charged separately.
Yes.. agreed with experts...
In calculating 1.8 lakh limit both rent included because same payee
Agree with all above views....
Exemption of 1.8 lacs has been provided per PAN . So u need to deduct TDS if it corss 1.8 lacs.
thanks for your view . If the payment exceed 1,80,000 in the month of july and suppose company deducted TDS in the month of December then tds @ 1% shall be applicable from the day, the limit Exceed Rs 1,80,000.
Yes, tds is applicable. As pymt per person exceeds the limit.. But no tds on service tax amount but only on net rent
Plant & Machinery 2 % and other than 10% Furniture Ecupment
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