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Tds on rent

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(Querist)
13 December 2013 A PROPRIETOR HAS PAID RENT FOR
1- PLANT AND MACHINERY RS. 700000/-
2- LAND & BUILDING RS. 500000/-

TOTAL 12 LAKH..NOW WHAT WILL BE RATE OF
TDS DEDUCTION ON RENT FOR ABOVE BOTH ..RENT PAID...REGARDS ..
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TRINATH

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TRINATH (Expert)
13 December 2013 u/s 194-I proprietor liable to deduct tds as per bellow

1)plant & machinery - 2%
i.e) 700000*2/100 = 14000/-

2)land & building - 10%
i.e) 500000*10/100 = 50000/-
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
13 December 2013 in addition to Trinath's advice, please note that 194-I shall apply to a proprietor only if tax audit applies.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
13 December 2013 In addition to Nihkil's reply the tax audit should have been conducted for previous FY in case of proprietor.

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