company is making payment for rent of plant and machinery ( Rs 13000 p.m) and building ( 14,000) to the same vendor .my query is whether the limit of Rs 1,80,000 under section 194 I is to be checked seprately for both the payment.
CA rahul (BCOM(H) ACA) (725 Points)
23 February 2014company is making payment for rent of plant and machinery ( Rs 13000 p.m) and building ( 14,000) to the same vendor .my query is whether the limit of Rs 1,80,000 under section 194 I is to be checked seprately for both the payment.
Mihir
(Wealth Manager)
(5293 Points)
Replied 23 February 2014
TDS u/s 194I for building is at 10% whereas for plant and machinery it is at 2%. So yes, it will be computed separately.
Pradeep Gupta
(Accounts Manager)
(298 Points)
Replied 23 February 2014
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114225 Points)
Replied 23 February 2014
Originally posted by : Pradeep Gupta | ||
If you are paying rent of L&B & P&M to same person and the sum is exceeding Rs.1.80 lacs, then you are liable to deduct Tds @ 10% & 2% for L&B andP&M respectively |
Agree. Since total payment to same payee exceeds Rs 1.80 Lacs p.a. TDS has to be deducted.
LALIT
(MANAGER ACS)
(21 Points)
Replied 23 February 2014
saurabh bose
(qualified)
(22 Points)
Replied 24 February 2014
sunil heda
(JOB)
(57 Points)
Replied 24 February 2014
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 24 February 2014
CA Aditya
(CA )
(527 Points)
Replied 24 February 2014
Exemption of 1.8 lacs has been provided per PAN . So u need to deduct TDS if it corss 1.8 lacs.
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 24 February 2014
thanks for your view . If the payment exceed 1,80,000 in the month of july and suppose company deducted TDS in the month of December then tds @ 1% shall be applicable from the day, the limit Exceed Rs 1,80,000.
ankit agarwal
(partner)
(32 Points)
Replied 25 February 2014
Ankush Kumar
(Lawyer)
(23 Points)
Replied 25 February 2014
Plant & Machinery 2 % and other than 10% Furniture Ecupment