The Sec 194I is applicable in the case of renting a) land; or (b) building (including factory building); or (c) land appurtenant to a building (including factory building); or (d) machinery; or (e) plant; or (f) equipment; or (g) furniture; or (h) fittings,
out of which tds on income from item a,b and c should be deducted @ of 10% and 2% in all other cases.
In your case you are storing your chemicals in tanks. it can be considered as a plant which is necessary to store the specific chemicals. so assessee can deduct the TDS on a Rate of 2% for the AY 2012-13.
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