17 March 2009
DEAR ALL ONE OF OUR CLIENTS(INDIVIDUAL/FIRM) IS HIRING MOTOR CAR TO A COMPANY. AT WHAT RATE TDS SHOULD BE DEDUCTED BY THE COMPANY IN A.Y 08-09 & 09-10
18 March 2009
My ans. deduction can be done either u/s 94I( 10%) or 94C( 2%) depend on the fact of the case. >If there is an agreement then deduction should be made u/s 94I because as per IT act motor car comes under the head plant >On the other hand if there is no agreement or loading & unloading is involved then deduction should be done u/s 94C.