53J. Deduction at source from rental value of vacant land or plant or machinery.-

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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