A CONSTRUCTION COMPANY (PARTNERSHIP FIRM) HIRES J.C.B MACHINES, DUMPERS, TROLLERS, ROAD ROLLERS ON A DAILY BASIS.
WHETHER THE ASSESS IS REQUIRED TO DEDUCT TDS U/S 194C(CONTARCT) OR UNDER 194I(RENT)
PIYUSH AGARWAL (CHARTERED ACCOUNTANT) (91 Points)
30 December 2008A CONSTRUCTION COMPANY (PARTNERSHIP FIRM) HIRES J.C.B MACHINES, DUMPERS, TROLLERS, ROAD ROLLERS ON A DAILY BASIS.
WHETHER THE ASSESS IS REQUIRED TO DEDUCT TDS U/S 194C(CONTARCT) OR UNDER 194I(RENT)
Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 30 December 2008
Since the company has taken these equipments on hire, sec 194I is attracted for the purposes of TDS. Moreover, section 194C is general section vis a vis 194I which is specific.
In my view, sec 194I is applicable
Dilip Kadam
(services)
(119 Points)
Replied 30 December 2008
In my point of view, If u have made any agreement with above company than 94C is applicable.
Piyush Jain
(CA)
(283 Points)
Replied 30 December 2008
TDS will be deducted U/s 194I, the rate of TDS being 10% (plus surcharge and cess)
piyush
R.Suresh
(Sr. Executive)
(394 Points)
Replied 30 December 2008
If you are taken any contract agreement, it will be 194C or the tax section is 194I and rate also different in both cases.
194C 2% tax, on invoice value and Sucharge 10% and Cess 3 % on tax value.
194I 10% tax, on invoice value and Sucharge 10% and Cess 3 % on tax value.
Avinash
(ACCOUNT OFFICER)
(33 Points)
Replied 31 December 2008
what is the proccedure for tds refund????
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