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2003 (8) TMI 31 - CALCUTTA HIGH COURTTax deducted at source – building given on rent to a bank - status of payee - If the payee is an individual entitled to receive rent in excess of Rs. 1,20,000 per annum then the payer is obliged to deduct 15 per cent. thereof as tax deducted at source. If the payee is a body of individuals and if the rent payable exceeds Rs. 1,20,000 per annum, the payer is required to deduct 20 per cent. thereof as tax deducted at source. - tenant-bank was right in proposing to deduct tax of Rs. 99,198 as tax deducted at source while agreeing to pay a sum of Rs. 6,20,512 to the petitioners jointly as and by way of rent
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