Rent - 194I
This query is : Resolved
29 November 2007
A rent agreement contains Rs.15000 as rent + Rs.10000 as maintance charges + Rs.5000 as car parking & generator charges to be paid to the licensor. Is there any provision not to deduct tax on maintenance & car parking
29 November 2007
Do you have bill for maintenance charges if yes not TDS is deductible , if car parking is part of the maintenance and shown in the society bill then no tds is deductible, you have to have substantial evidence as payment, if not then tds on the entire amount becomes applicable
29 November 2007
CIRCULAR NO 715 DT AUGUST 8 TH 1995 OF THE IT DEPT. SAYS THAT BY NOMINCLATURE , THE TDS INCIDENCE IS NOT DECIDED BUT TDS INCIDENCE IS DECIDED ON CONTENTS OF THE AGREEMENT.
UNDER SEC 194 I, RENT MAEANS ANY PAYMENT BY WHATEVER NAME CALLED.
HOW TO SAVE TDS THEN?
1. BETTER NOT TO BRING MAINTENANCE CHARGES AND CAR PARKING & GENERATOR IN THE RENT AGREEMENT .
2. IF ANY REIMBURSEMENT IS MADE SEPARATELY BASED ON ANY BILL OR CLAIM ,THERE IS NO TDS.THIS YOU MAY ARRANGE FOR MAINTENANCE, CAR PARK AND GENERATOR.BUT DONT CLUB THESE AND RENT OF 15000 IN ONE BILL IN ANY MONTH.
R.V.RAO
UNDER SEC 194 I, RENT MAEANS ANY PAYMENT BY WHATEVER NAME CALLED.
HOW TO SAVE TDS THEN?
1. BETTER NOT TO BRING MAINTENANCE CHARGES AND CAR PARKING & GENERATOR IN THE RENT AGREEMENT .
2. IF ANY REIMBURSEMENT IS MADE SEPARATELY BASED ON ANY BILL OR CLAIM ,THERE IS NO TDS.THIS YOU MAY ARRANGE FOR MAINTENANCE, CAR PARK AND GENERATOR.BUT DONT CLUB THESE AND RENT OF 15000 IN ONE BILL IN ANY MONTH.
R.V.RAO
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