53J. Deduction at source from rental value of vacant land or plant or machinery.-
The Government or any authority, corporation or body, including its units, the activities or the principal activities of which are authorised by any Act, Ordinance, Order or Instrument having the force of law in Bangladesh or any company as defined in clause (20) of section (2) or any banking company or any insurance company or any co-operative bank established by or under any law for the time being in force or any nongovernment organization registered with NGO Affairs Bureau or any university or medical college or dental college or engineering college responsible for making any payment on account of rental value of vacant land or plant and/or machinery, shall deduct tax in advance at the time of such payment 1[or credit of such payment to the account of the payee] at the rate 2[of five percent].
1 Ins. by F.A. 2011
2 Subs. for "prescribed by the Board" by F.A. 2012
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