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

192 shall after end of the financial year, prepare and deliver by 31 st May
every year an annual return for deduction of tax. This return is to be
furnished in form no. 24 copies of monthly TDS statement of each month
should be enclosed with the annual return. Failure to furnish the return in
due time employer shall liable to pay penalty under section 272A a sum
Rs.100/- for every day.
387
A return filed on floppy, desiccate, magnetic cartridge tape or any
other computer readable media is deemed to be treated as ‘annual return’
for the purpose of section 206 and the rules made there under. Since the
working of Income Tax is fully computerized in case of BEST
Undertaking submit computer floppy as annual return. While making
the monthly payment of tax deducted at source a challan no.9 is to be
filled and with this challan amount of tax is credited Central Government
i.e. in case BEST we deposit the tax amount in ICICI.
For determining taxable income under the head of salaries,
permissible deductions from gross income are to be considered before
making any deduction of tax at source.
1. Loss under the Head of Income from house property declared by
an employee by filling prescribed form i.e interest on housing loan
for purchase of house/flat as per Section 24 (b).
2. Deduction from the gross income is allowed under section 80D for
a payment made in scheme of insurance on health of assessor