TDS on Lease Rent
This query is : Resolved
CA AJAY GUPTA
(Querist)
18 March 2008
Our company is paying lease rent on car taken on lease from ICICI Bank, but we are not deducting TDS on the lease rent. I want to know is there any TDS liability on the same. Is it make any difference that payments are being to ICICI Bank.
CA Praveen Chopra
(Expert)
19 March 2008
ICICI IS A BANKING COMPANY.IT DOESN`T MAKE ANY DIFFERENCE.YOU HAVE TO DEDUCT TDS ON THE SAME U/S 194I
CA J M Pattanayak
(Expert)
20 March 2008
TDS has to be deducted on the lease payment.
Yes it makes a difference when payment made to a company.
When payment is made to Individual TDS rate is 15% and when its Company TDS rate is 20%.
I think i have clarified your doubt.
Yes it makes a difference when payment made to a company.
When payment is made to Individual TDS rate is 15% and when its Company TDS rate is 20%.
I think i have clarified your doubt.
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