applicability of incometax

[Asked by Guest]

sir,

i would like to know that whether incometax is to be recovered for contingent bills like supply of materials like shamianas,sound system,supply of furniture and water drums etc.

[CAGOPALJI AGRAWAL]

Please clarify your query whether you are asking about TDS provisions.

sir,

my query is whether TDS(Incometax) is applicable for contingent bills like supply of shamianas ,sound systems, supply of furniture and water drums etc...

 

[CAGOPALJI AGRAWAL]

TDS u/s 194I is applicable for rent against machinery, equipment, furniture, fittings povided the total rent exceeds Rs. 180000/- during the financial year to single assessee.

AI Summary

TDS on rent for equipment and furniture applies when annual rent to a single payee exceeds the statutory threshold.
TDS provisions apply to payments characterized as rent or hire for machinery, equipment, furniture or fittings. Where aggregate rent/hire payable to a single assessee in a financial year exceeds the statutory annual threshold of Rs. 180000, TDS must be deducted on such payments for supply or hiring of equipment and furniture.