156. Application of the provisions of Chapter XVI to this Chapter

The provisions of Chapter XVI relating to the deduction of income tax from interest paid by banks and financial institutions, credit for income tax so deducted, duties of banks and financial institutions, default in the deduction of income tax, issue of assessments on banks and financial institutions, appeals and penalty for default shall, mutatis mutandis, apply to the deduction of income tax from such rent, lease rent or other payments as is mentioned in section 155, credit for income tax so deducted, duties of persons liable to pay such rent, lease rent, or other payment, default in the deduction of income tax, issue of assessments on such persons, appeals and penalty for default under this

For the purposes of this Chapter “specified land or building” means a land or building in respect of which the amount of rent, lease rent or other payment payable for any calendar month or part thereof is not less than fifty thousand rupees or the aggregate rent, lease rent or other payment payable for any year, is not less than five hundred thousand rupees.