11 August 2008
Which rate of tds is applicable on contract of machinery rent whether the rate of contract i.e. 2.06% or rent of machinery i.e.10.3% pls reply with such a circular or notification issed by CBDT in this connection
It is provided that, while creditng the party or at the time of making payment to the party on account of RENT on machinery or plant or equipment 10% shall be deducted + surcharge (if applicable) + cess.
For the above purpose, rent has been defined as "any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,—
(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,
whether or not any or all of the above are owned by the payee"
CAclubindia
