TaxTMI 
TaxTMI 
Section 393(1); Table [For Payment to Resident] - Rent
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....y income by way of rent Person other than specified person 2% Rs.50,000 for a month or part of a month 2(ii) Any income by way of rent Specified person (a) 2% - Machinery, plant or equipment(b) 10% - Land, building (including factory building), land appurtenant thereto, furniture or fittings Rs.50,000 for a month or part of a month Time of deducti....
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....e rent is paid for the use of land, building (including factory building), land appurtenant thereto, furniture or fittings. Since no special note has been provided for Sl. No. 2(ii), tax is deductible under the general rule contained in Section 393(1), i.e., at the earlier of credit or payment. Practical distinction • Sl. No. 2(i) → Applicable to persons other than specif....
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....erson liable to deduct tax Sl. No. 2(i): Person other than a specified person. Sl. No. 2(ii): Specified person. Specified person Individual or HUF (not liable to tax audit under section 44AB) Nature of assets covered Sl. No. 2(i): Rent for land, building or land appurtenant to a building (by virtue of section 402(29)). Sl. No. 2(ii): Rent....