in case of vehicle hired for staff pick up & drop for 1
month or 1 year, TDS is applicable ? if yes then which code
is mention in challan & which rate is applicable ? in case
of vehicle orner is personal or company which rate
applicatble ?
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Answer / Prashant Gangwar
TDS (Tax Deducted at Source) is applicable for vehicle hire payments exceeding INR 20,000 per month or part thereof. The TAN (Tax Account Number) must be mentioned in the challan. For personal individuals, the TDS rate is 5%, while for companies, it's 1% if GST registered and 2% if not GST registered.
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