Income Tax MCQ Quiz Question

Income Tax MCQ Quiz Question

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Question: What will be the TDS rate on renting of Plant & machinery as per Section 194I of the Income Tax Act?

 A) 1%
 B) 2%
 C) 5%
 D) 10%

ANSWER= (B) 2%
Explanation:- As per Section 194I of the Income Tax Act, 1961, the TDS rate on renting of plant & machinery is 2% and on renting land, building, and furniture, the rate will be 10%.

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