Resident rent withholding differentiates deductors, rates and deduction timing according to the asset leased and deductor status. Tax deduction at source on resident rent differs by the status of the deductor. Persons other than specified persons deduct tax at 2% only at the earlier ... Summary
Resident rent withholding differentiates deductors, rates and deduction timing according to the asset leased and deductor status.
Tax deduction at source on resident rent differs by the status of the deductor. Persons other than specified persons deduct tax at 2% only at the earlier of credit or payment for the last month of the tax year or tenancy. Specified persons deduct at the earlier of credit or payment, at 2% for machinery, plant or equipment and 10% for land, buildings, appurtenant land, furniture or fittings, subject to the prescribed monthly threshold.
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