Tds

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Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 rent on furniture under which head of tds shoud be deducted and at what percentage

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 October 2013 U/s 194-I and @ 10%

CA Pallav Singhania

CA Pallav Singhania (Expert)
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12 October 2013 194-I section states that, the renting of Plant/Machinery/Equipments for all parties will entertain TDS at 2% and renting of Land/Building/Furniture/Fittings at 10% for all types of party.

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Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 But one of my Tax consultant told me that it 194C will be applicable on it, is he correct

CA Pallav Singhania

CA Pallav Singhania (Expert)
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12 October 2013 Section 194-C Contract Payments, makes it to be applied differently.
1% for contracts received from Individuals/HUF and 2% in case of others.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 October 2013 Renting is never covered by sec 194C as it is in relation to works contract and renting does not fit in the definition of works contract u/s 194C.

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 Thamk U Sir.