194i
This query is : Resolved
02 June 2011
whether tds on storage tanks for the storage of chemicals comes under @2% or 10%.
02 June 2011
In my opinion... it should be 2 %
02 June 2011
Kept open......for others to respond...
02 June 2011
Dear Shikha,
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.
With Regards,
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.
With Regards,
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