Tds on rent
This query is : Resolved
Guest
Guest
(Querist)
15 July 2012
Hi Friends,
Whether TDS, on Charges paid for warehousing of goods, deducted under section 194C or 194I?
Whether TDS, on Charges paid for warehousing of goods, deducted under section 194C or 194I?
16 July 2012
In my opinion it should be u/s 194C, as you are entering into contract for keeping the goods in warehouse, and the control of the warehouse is not shifted, so it is not Rent but a contract only.
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16 July 2012
in my opinion it should be deducted U/s 194-I
because as per the provisions any income by way of rent shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income tax thereon
because as per the provisions any income by way of rent shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income tax thereon
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16 July 2012
Hi Senthil
here's your answer,
The term rent as per 194I means any pay by whatever name called,under any lease,sublease,tenancy or any other agreement or arrangement for the use of any building or land. There fore the warehousing charges will be subject to deduction of tax under sec 194I---Circular no. 718,dated August22,1995.
Rgds
Shakti Soni
here's your answer,
The term rent as per 194I means any pay by whatever name called,under any lease,sublease,tenancy or any other agreement or arrangement for the use of any building or land. There fore the warehousing charges will be subject to deduction of tax under sec 194I---Circular no. 718,dated August22,1995.
Rgds
Shakti Soni
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16 July 2012
I have read the Circular No 718 dated 22/08/1995 and Mr. Shakti Soni is right.
17 July 2012
Thanks Suresh.....:)
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