Dilip (Working) (408 Points)
06 May 2010according to recent amendment in sec 194I Rent, 2% TDS is applicable on rent of Plant or Machinery or Equipment.
here what is definition of Equipment, because we are taking computer products on rent, so want to know which rate will be applicable 2% or 10% ?
CA Namita Ganatra
(Self)
(70 Points)
Replied 07 May 2010
Plant and machinery includes computers, computer peripherals and software. So it should be 2%.
Rachit
(Analyst)
(913 Points)
Replied 07 May 2010
Computers surely won't fall under the category of land, building and furniture fittings. isn't it?
Hence we have to consider it only in the other residuary categroy.
CA.GAURAV SACHWANI
(JOB)
(161 Points)
Replied 07 May 2010
Except land and buildings all the items are covered under the plant and m/c
Rachit
(Analyst)
(913 Points)
Replied 07 May 2010
| Originally posted by : CA.GAURAV SACHWANI | ||
 |
Except land and buildings all the items are covered under the plant and m/c |
 |
Dear Gaurav,
What about furniture & fittings?????
varun gupta
(Senior Accounts Officer)
(89 Points)
Replied 07 May 2010
As per income tax act , computer covers under plant and machinery, so rate of tds will be 2%
shashank
(asst. auditor)
(56 Points)
Replied 09 May 2010
as per your query i search on google.........the defination of Equipment is "
1. Tangible property (other than land or buildings) of more or less durable nature which is useful in carrying on the operations of a business. For example, devices, machines, tools, and vehicles.
2. Particular type of vehicle (such as aircraft, ship, truck) used by a carrier or transporter.
3. Implements used in activity, job, or operation." and the computers is under the device head so i think that you charged 2% tds on your computer rent......................hope u satisfied with my answer.............
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