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

deduct the same from their salaries every month and remit the same to
income tax authorities.
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The procedure of the income tax work has remained more or less
the same as was done in the past but quantum of work has increased
considerably resulting in part computerization of this activity. In the past
the work of income tax was carried out manually & income tax card for
every individual employee was required to be maintained alongwith the
Register of remittance bills. Bill for remittance of income tax was
prepared on the basis of monthly pay-sheet retention sheet. However, this
procedure was taking lot of time for remittance of the tax amount to
income tax authorities & as per Rule 30 of income tax act 1961, the
income tax remittance had to be done within 7 days from date of salary
payment to employees. In order to make timely remittance of income tax
department, BEST Undertaking started making “ad-hoc” income tax
payment based on past months actual salary and thereafter any
adjustment ,plus / minus ,if any, is done in the subsequent months
“adhoc” income tax payment & at the end of every financial year i.e. in
February-March every year the last installment of income tax is deducted
based on actual salary of the employees & remitted to income tax
authorities before the 31 st March every year.
The rate of income tax and the income tax structure for every
financial year is declared in the Finance Act every year.