TDS on Lease Rent

This query is : Resolved

CA AJAY GUPTA (Querist)
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18 March 2008 Our company is paying lease rent on car taken on lease from ICICI Bank, but we are not deducting TDS on the lease rent. I want to know is there any TDS liability on the same. Is it make any difference that payments are being to ICICI Bank.

CA Praveen Chopra

CA Praveen Chopra (Expert)
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19 March 2008 ICICI IS A BANKING COMPANY.IT DOESN`T MAKE ANY DIFFERENCE.YOU HAVE TO DEDUCT TDS ON THE SAME U/S 194I

CA Pattanayak

CA Pattanayak (Expert)
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20 March 2008 TDS has to be deducted on the lease payment.

Yes it makes a difference when payment made to a company.

When payment is made to Individual TDS rate is 15% and when its Company TDS rate is 20%.

I think i have clarified your doubt.

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