site stats

Hire charges tds limit

WebbThis payment or monetary exchange should not exceed the limit of ₹30,000 at any given time. Should the payment amount exceed ₹75,000 over the course of a financial year, it will be the client’s or payer’s responsibility to deduct a taxable fee from the total sum, as should be followed in case of the advance payment exceeding ₹30,000 as well. Webb26 apr. 2024 · The AO during the assessment proceedings found that the assessee has incurred car hiring charges amounting to ₹ 1,21,775/- which was subject to the …

Tds for commercial equipment hire charges - CAclubindia

Webb8 dec. 2024 · As per the provisions of section 194I of the Income Tax Act TDS deduction is not applicable if the amount of such rental income or the aggregate of the amounts of such income is less than Rs 2,40,000. The limit includes any amount credited or paid or likely to be credited or paid during the financial year by the owner to the account of the payee. Webb30 okt. 2008 · WHEN COMPANY IS USING BUS FACILITY TO BRING EMPLOYEES TO FACTORY THE BUS IS HIRED BY THE COMPANY AT WHAT RATE TDS SHOULD BE DEDUCTED ON THE ... 31 October 2008 The section 194 I is related with the rental /hire charges payment which was limited to land & building rental till 13th July 2006 but … pearl harbor attack animated https://speedboosters.net

Car hiring charges – TDS under Section 194I Or Section 194C?

Webb19 juli 2011 · TDS on JCB Hire Charges. 19 July 2011 Please clarify, Whether TDS to be deducted on JCB Hire charges U/s 194I @ 10% or @ 2%. 19 July 2011 TDS to be deducted u/s 194I @ 2%. i.e. TDS on Rent of Plant & Machinery. You need to be the querist or approved CAclub expert to take part in this query . WebbAs per Section 194IB, individuals and HUF not covered under tax audits and paying rent that exceeds ` 50,000 per month are liable to deduct and pay tax (TDS) OR As per Section 194I, persons, other than those mentioned above, paying a total rent of more than ` 2,40,000 in a financial year are liable to deduct and pay tax (TDS) Webb23 mars 2024 · As per TDS on rent - Section 194IB, the limit still stands as per the annual rent amount of more than Rs.2,40,000. So, the taxpayer needs not to pay the tax if calculated individually for each property in such cases but is liable to deduct TDS on rent if the amount exceeds Rs.2,40,000 when summed up. lightweight car seat newborn

TDS on Rent - Section 194I How to Calculate TDS on Rent?

Category:TDS On Rent: All About Tax Provisions for TDS Section 194I - Housing News

Tags:Hire charges tds limit

Hire charges tds limit

Know all about TDS on Rent as per section 194I of Income Tax

WebbTenants are required to deduct TDS when the payment is being made to a resident landlord on rent payment exceeding Rs 2.40 lakh in a year. If the landlord is a non-resident, the tenant has to deduct tax under the provisions of Section 195 of the Income Tax Act, without there being any threshold limit of Rs 2.40 lakh per annum. Webb6 juni 2009 · After an amendment in 2007 in section 194I, rent on plant, machinery or equipment is subject to TDS at the rate of 10%. Therefore, crane hire charges is subject to TDS under section 194I. 2 Dated: 8-6-2009 By:- Sanjeev Kinger It is not clear from querry that whether you have hired a crane or you have entred in contact.

Hire charges tds limit

Did you know?

Webb11 feb. 2024 · Threshold Limit for deduction of TDS on Car Hire Charges under Section 194C of the Income Tax Act, 1961 The threshold limit for deduction of TDS on … Webb19 juli 2024 · As per section 194-I dealing with deduction of tax at source from payment of rent, the rate of TDS applicable is 1.5% for machinery hire charges and 7.5% for …

Webb7 maj 2011 · The AO wrongly applied the provisions of section 194-I ofthe IT Act in which vehicle hire charges have not been mentioned.The learned Counsel for the assessee relied upon the order of ITATAhmedabad B Bench in the case of M/s. Mukesh Travels Co. VsITO in ITA No.2594/Ahd/2010 dated 25-2-2011 in which the Tribunalconsidering … Webb20 apr. 2024 · The AO during the assessment proceedings found that the assessee has incurred car hiring charges amounting to ₹ 1,21,775/- which was subject to the …

Webb15 dec. 2011 · 15 December 2011 On Crane Hire Charges, TDS on what rate & under what section to be deducted. 15 December 2011 If its taken on fixed rental basis without operator sec 194I will be applicable. Rate of TDS 2% otherwise sec 194C will be applied but rate will remain same in both the cases. Webb26 apr. 2024 · TDS u/s 194C or 194I : Lorry hire charges paid for vehicles. ITAT CHENNAI. THE ASST. COMMISSIONER OF ... TDS u/s 194C or 194I. Lorry hire charges paid for vehicles for non-deduction of tax at source. Addition invoking ... Charitable Trust & Budget-2024 proposal to amend the time limit to file Form 9A and …

Webb8 okt. 2024 · But if the transporter owning more than 10 goods carriages at any time during the year, then you, as payers are liable to deduct TDS at the time of paying charges to …

The Finance Act, 1994 inserted the Section 194I, regarding deduction of tax while paying rent. The government introduced the … Visa mer pearl harbor attack and 911 similaritiesWebb18 jan. 2013 · The learned AR submitted that the assessee is not liable to deduct TDS u/s. 194C of the Act. Only after the amendment w.e.f. 13.7.2006 machinery hire charges … lightweight car seat baby strollerWebbAs per section 194I, any person (not being an individual or HUF) paying rent to a resident person is liable for tax deduction at source on rent @ 10% if the annual rent exceeds Rs. 2.4 lakhs. Earlier, this TDS limit for deduction of tax on the rent was Rs. 1.8 lakhs. However, it was increased to Rs. 2.4 lakhs with effect from the financial year ... pearl harbor attack battleship rowWebb2 feb. 2013 · We are paying the total amount without deduction any TDS. Please clarify this transaction has eligible TDS or Not and TDS Rate, section ,limit etc. Regards V.Balu … lightweight car seat stroller with rain coverWebb26 feb. 2024 · The Tribunal also noticed Section 194-I of the Income Tax Act, 1961 [for brevity, the Act], which inter alia made mandatory deduction of TDS in respect of any … pearl harbor attack deathWebb11 feb. 2024 · The threshold limit for TDS on Labour Charges on payment made towards Car Hire Charges is as follows: Payment should not exceed Rs. 30,000 in case of a … pearl harbor attack broadcastWebb26 maj 2024 · TDS will be deducted under Section 194J at rate 2% in case of fees for technical services (not being professional services) and rate reach up to 10% of such sum in any other case. lightweight car topper boats