69[Rent.
70194-I. Any person, not
being an individual or a Hindu undivided family, who is responsible for paying
to 71[a resident] any income by way of rent72, shall, at the time of credit of such income
to the account of the payee or at the time of payment thereof in cash or by the
issue of a cheque or draft or by any other mode, whichever is earlier, 73[deduct income-tax thereon at the rate of—
74[(a) two per cent for the
use of any machinery or plant or equipment; and
(b) ten per cent for the use of any land or building (including
factory building) or land appurtenant to a building (including factory
building) or furniture or fittings:]]
Provided that no deduction shall be made under this
section where the amount of such income or, as the case may be, the aggregate
of the amounts 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, the
payee, does not exceed 74a[one hundred and
eighty thousand rupees] :
75[Provided further that an individual or
a Hindu undivided family, whose total sales, gross receipts or turnover from
the business or profession carried on by him exceed the monetary limits
specified under clause (a) or clause (b) of section 44AB during the financial year immediately
preceding the financial year in which such income by way of rent is credited or
paid, shall be liable to deduct income-tax under this section.]
Explanation.—For the purposes of this section,—
76[(i) “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
(f) equipment; or
(g) furniture; or
(h) fittings,
whether or
not any or all of the above are owned by the payee;]
(ii) where any income is credited to any account,
whether called “Suspense account” or by any other name, in the books of account
of the person liable to pay such income, such crediting shall be deemed to be
credit of such income to the account of the payee and the provisions of this
section shall apply accordingly.]