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TDS 194 I

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(Querist)
31 March 2010 Whether Rent recd. from leasing vehicle(lorry, van) is covered under Sec 194I.
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Prakash

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Prakash (Expert)
31 March 2010 Yes it is covered u/s 194I

Rent includes any payment by way of lease,sub lease or any agreement and payment is made towards

land
building
land appurtenant therto
machinary
plant
equipment
Furniture and fittings

Since Lorry or Van comes under the catogory of Plant/Machinary/ Equipment it is covered under 194I
so 2% is the rate of TDS
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
31 March 2010 I THINK YES.
VIEWS OF OTHER EXPERTS IS ALSO SOLICITED. SHOULD NOT THIS RENT BE TREATED AS RENT ON PLANT & MACHINERY?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
31 March 2010 My view is no.it is an normal contract covered under 194C.I don`t think lorry covered under P&M

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