TDS Rate & Section
This query is : Resolved
08 June 2009
Dear All
If car has taken on lease how much is the Rate of TDS and which section is applicable please give me detailed explanation along with examples. It is very urgent for me.
If car has taken on lease how much is the Rate of TDS and which section is applicable please give me detailed explanation along with examples. It is very urgent for me.
08 June 2009
U/S 194I AT RATE 15% OR 20%.
08 June 2009
Section 194 I Payment of Rent of Land, Building or Furniture
Criterion of Deduction TDS is deductible if payment is in excess of Rs. 1,20,000/- per annum.
Individuals and HUFs whose sales/gross receipts in business is less than Rs 40 lac or professional receipts is less than Rs 10 lac are not required to deduct TDS
Applicable TDS Rate Income Tax Surcharge Education Cess Total
If the recipient is a Company, Firm or Cooperative Society 20.00% 2.00% 0.66% 22.66%
If the recipient is an Individual or HUF and payment exceeds Rs. 10 lac per annum. 15.00% 1.50% 0.495% 16.995%
If the recipient is an Individual or HUF and payment does not exceed Rs. 10 lac per annum. 15.00% 0.00% 0.45% 15.45%
Section 194 I Payment of Rent of Plant & Machinery
Criterion of Deduction TDS is deductible if payment is in excess of Rs. 1,20,000/- per annum.
Applicable TDS Rate Income Tax Surcharge Education Cess Total
If the recipient is a Company, Firm or Cooperative Society 10.00% 1.00% 0.33% 11.33%
If the recipient is an Individual or HUF and payment exceeds Rs. 10 lac per annum. 10.00% 1.00% 0.33% 11.33%
If the recipient is an Individual or HUF and payment does not exceed Rs. 10 lac per annum. 10.00% 0.00% 0.30% 10.30%
Criterion of Deduction TDS is deductible if payment is in excess of Rs. 1,20,000/- per annum.
Individuals and HUFs whose sales/gross receipts in business is less than Rs 40 lac or professional receipts is less than Rs 10 lac are not required to deduct TDS
Applicable TDS Rate Income Tax Surcharge Education Cess Total
If the recipient is a Company, Firm or Cooperative Society 20.00% 2.00% 0.66% 22.66%
If the recipient is an Individual or HUF and payment exceeds Rs. 10 lac per annum. 15.00% 1.50% 0.495% 16.995%
If the recipient is an Individual or HUF and payment does not exceed Rs. 10 lac per annum. 15.00% 0.00% 0.45% 15.45%
Section 194 I Payment of Rent of Plant & Machinery
Criterion of Deduction TDS is deductible if payment is in excess of Rs. 1,20,000/- per annum.
Applicable TDS Rate Income Tax Surcharge Education Cess Total
If the recipient is a Company, Firm or Cooperative Society 10.00% 1.00% 0.33% 11.33%
If the recipient is an Individual or HUF and payment exceeds Rs. 10 lac per annum. 10.00% 1.00% 0.33% 11.33%
If the recipient is an Individual or HUF and payment does not exceed Rs. 10 lac per annum. 10.00% 0.00% 0.30% 10.30%
08 June 2009
Agreed
09 June 2009
I don't agree for that, as you said Section 194 I Payment of Rent of Land, Building or Furniture. In this case it is car & not Land, Building or Furniture. So sec 194I will not apply here.
Sec 194C will apply, as the taking a car on rent is contract. The applicable TDS rate will be 2.06% or 2.26%.
Criterion of Deduction:
Incase single contract amount exceeds 20K or agreegate amount of such contracts exceeds 50K p.a.
Sec 194C will apply, as the taking a car on rent is contract. The applicable TDS rate will be 2.06% or 2.26%.
Criterion of Deduction:
Incase single contract amount exceeds 20K or agreegate amount of such contracts exceeds 50K p.a.
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