Tds rate on storage rental of tanks
This query is : Resolved
11 April 2012
Dear Sir,
Our company is providing services for storage of import Liquid product in Storage Tanks and for that company charge the storage rental to the clients.
My query is that what will be the TDS rate to be deducted by the clients.......?????????
As per my thinking TDS should be deducted @ 2% U/s 194 I as the storage Tanks is our plant and machinery and we are given our tanks on hire. However I want to take an expert advice. please also give us any suitable case laws if you have any.
Thanks,
Pramod Kalantri
Our company is providing services for storage of import Liquid product in Storage Tanks and for that company charge the storage rental to the clients.
My query is that what will be the TDS rate to be deducted by the clients.......?????????
As per my thinking TDS should be deducted @ 2% U/s 194 I as the storage Tanks is our plant and machinery and we are given our tanks on hire. However I want to take an expert advice. please also give us any suitable case laws if you have any.
Thanks,
Pramod Kalantri
14 April 2012
Dear Pramod,
You are absolutely correct anything given on rent is to be charged at the prescribed rate as prescribed for deduction under that head. In your case the TDS is to be deducted @ applicable for renting out a property or machinery.
You are absolutely correct anything given on rent is to be charged at the prescribed rate as prescribed for deduction under that head. In your case the TDS is to be deducted @ applicable for renting out a property or machinery.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Gst Sales of FY 2023-24
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- GST Annual Returns filing due date
- Payable outstanding for years disallowance
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
