15 March 2008
Rent or hiring charges paid ag.plant & machinery attract section 194I i.e.10%+SC+E.CESS w.e.f.01-06-2007 and motor car is plant and machinery for income tax purpose.But if the rent or hiring charges exceeds 120000/- p.a.than only TDS will be deducted otherwise not.
07 April 2008
dear friend thanks for advise but i think that motor car is not machinery. and it is also not mention in definition of machinery u/s 194i
") “rent” means 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
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