If one person kept his stock in warehouse which is owned by another person and his is paying monthly charges to the owner of warehouse for keeping stock then is there is tds applicable on that payment ?
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The person (not being an Individual or HUF) who is responsible for paying any income to resident by way of rent is liable to deduct tax at source in case the aggregate of the amount of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to payee exceeds Rs. 1,80,000/-. Individuals and /or HUFs who are subject to tax audit are also under an obligation to deduct the tax at source. The limit of Rs. 1,20,000/- was enhanced to Rs. 1,80,000/- w.e.f. 1.7.2010. Meaning:- Rent‘ means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any:- a) land; or b) Building (including factory building); or c) Land appurtenant to a building (including factory building); or d) Machinery; or e) Plant; or