19 January 2008
What come under the ambit of Equipments and also if the assessee is using it under contractaul basis And if the deduction is being made @15% then does it makes any difference?
Rent is defined as any payment by whatever name called under any lease, sun-lease, tenancy or any other agreement or arrangement for the use of any land or any building (including factory building), together with furniture and fittings, and the land appurtenant thereto, whether or ot such building is owned by the payee;
Only hiring of equipment shall not fall under rent.
Thus if the agreement is made only for the hiring of equipments, it shall not be subject to TDS u/s 194I but u/s 194C.
29 January 2008
Thanx for the Reply I want to know what actually be counted as hiring of asset which acc to amended laws is covered u/s 194I. Does that mean hiring of Premise along with the furniture & equipments or hiring furniture & equipments separately.
CAclubindia
