Tds on rental car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2012
Dear Experts
We are hiring car for monthly basis. In invoice mentioned rental charges for the period.In which section TDS will deduct?
194 c or 194 I .
We are hiring car for monthly basis. In invoice mentioned rental charges for the period.In which section TDS will deduct?
194 c or 194 I .
14 May 2012
Many debates and discussions are already taken place on this.
On hiring charges it will be "194 I"
On hiring charges it will be "194 I"
14 May 2012
Dear Expert
Could you clarify, how Rental Charges on hiring of Car comes under 194I???
Could you clarify, how Rental Charges on hiring of Car comes under 194I???
14 May 2012
Hi,
You can refer the Board Circular No.715 dated 8-8-1995 which clarify deduction of the tax and section 194C of the IT Act is applicable any mode of transport is chartered by one of the entities mentioned in section 194C of the IT Act and work in section 194C of the IT Act continuously remain in the statute book and such interpretation of the provision would not controvert or the general provisions contained in the section. ,therefore, if the assessee paid the rent for hiring out any assets then he has to deduct tax at sources u/s 194-I of the Act.
You can refer the Board Circular No.715 dated 8-8-1995 which clarify deduction of the tax and section 194C of the IT Act is applicable any mode of transport is chartered by one of the entities mentioned in section 194C of the IT Act and work in section 194C of the IT Act continuously remain in the statute book and such interpretation of the provision would not controvert or the general provisions contained in the section. ,therefore, if the assessee paid the rent for hiring out any assets then he has to deduct tax at sources u/s 194-I of the Act.
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