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Edu-Visor Update 08-11-2021

Recently, the Income Tax Department has rolled out the new Annual Information Statement (AIS) along with Taxpayer Information Summary (TIS) on the compliance portal. It is important to note here that Form 26AS on the TRACES portal will simultaneously be made available till the time the new AIS is validated and gets completely operational.

In the present article, we will look at the source of information and processing under AIS with regard to rent on plant and machinery.

Source of information for the category ‘Rent on Plant and Machinery’- As per provisions of section 194-I(a) of the Income Tax Act, 1961, the person (other than an individual or a HUF) paying rent for using plant and machinery is liable to deduct TDS @10%. The deductor liable to deduct TDS under section 194-I(a) is also required to furnish TDS return in Form 26Q on a quarterly basis.

The TDS return so furnished by the deductor is taken up as a source of information under the category ‘Rent on Plant and Machinery’ in Annual Information Statement (AIS).

AIS processing for the category ‘Rent on Plant and Machinery’- On the basis of the TDS return filed by the tenant/ deductor in Form 26Q, the rent received from Plant and Machinery will be taxable in the hands of the owner of the plant and machinery under the head ‘Income from other sources’.

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