Nitesh (Chartered Accountant) (340 Points)
09 August 2007just tell me what is the correct rate of TDS in the following matter:
A crane is taken for few days in a month on per day basis rate. there is no specific contract or arrangement with the concern who gives crane on hire. it is not specific that a crane would be taken on hire every month form the same person. a
as per one of my collegue TDS is to be done u/s. 194 I- Rent but as per me it is govern by 194 C - Contractor. please tell me your opinion on this matter as soon as possible
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 10 August 2007
Nitesh
(Chartered Accountant)
(340 Points)
Replied 10 August 2007
dhaval
(Accoutant)
(36 Points)
Replied 16 August 2007
dear Nitesh, i would like to say that, as you are quoted that A crane is taken on hire, your wording suggest that here the crane is used randomly on need basis, with out entering into any specific aggrement either to get it on rent or take it on the basis of written contract,
so in my openion it is very clear from the given circumstances that it is a clear cut case of contract ( two persons are shaking hands as per the requirment of work as and when arise), and accordingly the TDS should be deducted U/s 194 (c).
it is also the safe side as the basic limit U/s 194 (i) is 120000.00, which might not reach and accordingly you may not deduct the tds,
as against the thershold limit U/s 194 (c) which is only Rs 2500.00.
mahima
(ACCOUNTANT)
(25 Points)
Replied 27 October 2009
wht is the TDS rate of propritorship? They gave individual pan nomber but it is propritor form then wht is the rate ? 1% or 2% ?
Mahima
mahima
(ACCOUNTANT)
(25 Points)
Replied 27 October 2009
wht is the TDS rate of propritorship? They gave individual pan nomber but it is propritor form then wht is the rate ? 1% or 2% ?
Mahima
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