applicability of incometax

[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.

[Guest]

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.