C.A. Final
181 Points
Joined November 2008
Hello Mr. Sriram,
As per Section 206C of The Income Tax Act 1961,
Section 206C is applicable every seller other than individual or HUF.
First you have to state the status of the lessor,
If they are individual or HUF then again exam whether they are audited their books of account as per section 44AB a/b of the IT Act.
If the seller books of account are audited u/s 44 AB a/b of the IT Act then, they are also comes under the meaning of seller even they are individual or HUF.
Hence, they attract section 206C.
Tax has to be collected by the seller at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount.
With respect your line of activity i.e.,Parking lot is covered under section 206C @ 2%+10% Surcharge+2% Education Cess+1% SHEC