- (i) For renting of land, building, furniture & fittings :The rate of deduction is 10%
- (ii) For hiring of machinery, plant or equipments :The rate of deduction is 2%
(a) Where tax is deducted on advance rent spread over more than one year, credit shall be allowed in the same proportion in which such income is offered for taxation for different assessment years based on the single certificate furnished for tax so deducted on the entire advance rent.
- rent gets terminated/ cancelled resulting in refund of balance amount of advance rent to the tenant, or
- the rented property is transferred by way of sale, lease, gift etc. with the tenant in occupation or otherwise resulting in refund of balance of advance rent to the transferee or the tenant,
10. TDS is not applicable on Service Tax on rent :TDS on service Tax on rent is not applicable .
[Circular No. 04/2008 dated 24.04.2008]
11.Section 194-I Shall not cooling charges paid by the various customers to the owners of cold storages.
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14. composite arrangement under franchises agreement not liable for TDS as rent :Delhi High court . CIT v NIIT Ltd. (Taxpayer) [2009-TIOL-533-HC-DEL-IT],
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