Annual Information Statement - Rent on Plant & Machinery.[AIS Update - 8]

The key information sources under this information category are as under:

​S.No	Information Source	Information Description
1	Rent on plant & machinery (Section 194I(a))	Tenant paying rent is liable to deduct tax at applicable rate as per the Act from rent paid. Details of rent on Plant & Machinery is reported by the deductor in TDS form 26Q. Tenant furnishes the details of rent paid on quarterly basis. This information is provided by the deductor to the deductee (taxpayer) in Form 16A

The approach for AIS processing and information handling is as under:

1. Tenant/Deductor, while making payment of rent to the owner of Plant & Machinery, deducts TDS and reports the same in TDS form 26Q. Rent received from Plant & Machinery is taxable in the hands of owner under the head income from other sources.

2. The AIS information level feedback can be used for providing following inputs:

• Information is correct

• Income is not taxable

• Information is not fully correct: This functionality can be used to modify key attributes (e.g.Account Number, Account Type in case of interest), Information value etc.

• Information relates to other PAN/Year

• Information is duplicate / included in other information

• Information is denied

1. The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

2. Rent on plant & machinery will be reflected in Taxpayer Information Summary (TIS) and shall be shown in respective field in Schedule OS.

3. All deductions and depreciation u/s57 from other source income to be claimed int he return.