Shehbaz (Accountant) (125 Points)
16 April 2013RR FIlms is the production house making ad films. N R kazi provide Car On rent. RR films hire 4 car from NR KAZI for Shooting purpose. Issue a invoice of Rs34000 on 14th april 2013 bill in the name of NR KAZI . So what is the rate of tds should be deducted?
Khushbu Jaiswal
(CA Finalist)
(528 Points)
Replied 16 April 2013
TDS is to be deducted on the basis of agreement between the two parties. If there is contract between them then U/S 194C otherwise U/s 194I.
In both cases the rate shall be 2% (either U/S 194C or U/S 194I )
For details refer link: /experts/tds-rate-on-car-hire-charges-697100.asp#.UW02r6JyCxA
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
