Administration Manual - B.E.S.T. Undertaking.

INCOME TAX SECTION
381
As per Income Tax Act 1961, it is an obligation on the part of
BEST Undertaking as an employer, to recover the Income Tax from the
salaries of the employees and remit the same to income tax authorities
within prescribed time limit as per the provisions of the Income Tax Act.
Before framing of income tax act, income tax was deducted as per
provisions of Govt. notification issued by Union Finance Minister at the
time of union budget every year. Thereafter in 1961, a separate act was
formulated by Union Govt. known as “Income Tax Act 1961” and then
under the provisions/rules and the regulation of this act, the income tax is
deducted at source from the income of the salaried persons and remitted
to Government subject to the amendments in the Finance Act made by the
Union Govt. from time to time.
We have the data available from the year 1955 regarding our
Undertaking dealing with Income tax matters. In the past, Internal
Auditor (IA) was responsible to discharge the obligations under the
Income tax Act i.e. gathering the data like particulars of number of
employees within taxable range, their gross earning , non taxable
earnings, recovery of PF subscription , LIC premium etc., then
determining the income tax payable by the employees and accordingly