rvsekar2000 (212 Points)
17 August 2010Dear All,
A singapore based company will be renting containers in India to rig-related operations . What will be the IT rate applicable if it does not have place of business or does have place of business in India.
Can it eligible to be deducted tax under section 194-I of rental by having place of office in India as the section says any rent payable to a resident?
Please clarify and the matter is urgent.
Thanks in advance
R.V.Seckar
Deepesh Khatri
(CA)
(167 Points)
Replied 17 August 2010
Place of business would not matter. For a company to be a resident, one of the following is to be satisfied:
1. the company is an Indian company, or
2. during the year, the control and management of its affairs is situated wholly in India.
So as the company would be a non-resident, the deductor (recipient of service u/s 194I) wont be liable to deduct tax at source.
However, the singapore based company (service provider) would be liable to pay tax on the same as the income arises to it in India.
Arunachalam
(B.Com)
(33 Points)
Replied 27 July 2011
Dear all,
Pl provide Depreciation rate for containers It is very urgent
Arun
CAclubindia
