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RENTING OF TATA HITACHI LIABLE TO GST

HEMANTH RANKA (Tax & Financial Consultants) (360 Points)

04 May 2020

Whether Renting of Tata Hitachi for Agricultural purpose will be treated as supply of Agro Mahcinery SAC 9986 and hence the rent charges will be exempt or it is taxable?

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Introduced by the Finance Act, 1994, the Section 194I states that any person, whether an individual or HUF who receives rent as income is liable for a tax deduction at source when the income credited is more than Rs.1,80,000 in the financial year. The limit is increased from Rs.1,80,000 to Rs.2,40,000 For FY2019-20. There is no surcharge unless the amount is more than Rs.1 crore. Rent paid to a government body/agency, its exempt from TDS.