Duties under Income Tax Act

Duties under Income Tax Act
The company secretary has been considered to be a “principal officer” under the
Income-Tax Act and he is required to discharge the following duties:
(i) To ensure that income-tax is deducted at source from the salaries paid to employees, or from dividend or interest paid or payable to shareholders and debentureholders.
(ii) To ensure that a certificate in the prescribed form is issued for deduction of
tax at source.
(iii) To ensure that the tax so deducted has been deposited in the Bank or the
Government treasury in time.
Under the Indian Stamp Act, it is his duty to see that every legal document, share certificate, share warrants, transfer forms, debenture certificates, etc. are affixed with stamps of requisite amount as required under the Act. Under the Sales Tax Act, the secretary has to ensure the timely submission of returns and payment of tax.
The company secretary is also required to perform various duties under M.R.T.P. Act, F.E.M.A., and if the company carries on manufacturing business, then the company secretary has to see that various provisions of different labour laws are also complied with.
Discuss the statutory and contractual liability of a company secretary.
The liability of company secretary may be discussed under two broad heads:
(a) Statutory liabilities, and (b) Contractual liabilities.