As rent on plant & machinery and rent on property & furniture attracted different rate of TDS, there was lot of confusion which resulted in incorrect deductions leading to unintentional defaults.
This has now been addressed and from the FY: 2013-14, Section 194I (Rent Payment) has now been bifurcated into two sections as under:
- 194I(a) – Rent for Plant & Machinery – 2%
- 194I(b) – Rent for land, building & furniture – 10%
WHAT IF HOUSE THERE IS 5 HOUSE OWNERS(PARTNERS) WHERE RENT PER MONTH IS 50000 RUPEES
can sole my problems i am confuse in sec 194IA & 194I plz clear my problem i got a tds form from company i attach my 3 truck in company .n i download my 26 as there show sec 194IA but sec 194IA sale of immovable property ya rent income
194 I will be applicable only if rent is more than 180,000 in a year.
what if a person have got 3 tenants of 1,50,000 each rent? whether TDS applies?
ok then what is the section for 1%tds (individuals)
plsease clarify me this doubt
Helpful. Doubt cleared. thank you
Just need to confirm that where it is written in sec 194I that 194I(a) id for plant and machinery and 194I(b) is for furniture and building. Can u pls share any content of law so we can be sure and safe?
Please confirm asap.
Thanks in advance
We confirmed this with our Chartered Accountant. Further we didn¢t find this notification in the department website.
Dear Shweta Ji,
it is clearly mentioned about TDS on rent of Machinery or plant or equipment in sub-clause (a) and TDS on rent of other than these items in sub-clause(b) of Sec 194I of the IT Act-1964.
with thanks & regards
Ashutosh Kumar Jha
CA Final Student
was getting confused having seen the the new options in RPU Version 3.5
Now it is clear
Thanks a lot.