162. Retention of fifteen per centum of moneys lying to the credit of a contributor to a specified provident fund, to meet any tax payable

The person having custody of the moneys lying in any provident fund to the credit of a contributor to such fund who is liable to income tax on any part of such moneys, shall, when he makes payment of these moneys to that contributor, retain in his custody an amount equal to fifteen per centum of those moneys, other than such part thereof as represents the contributions made by that contributor. The person who retains in his custody such amount shall notify the

Commissioner-General of the amount so retained, and deduct there from the sum which the Commissioner-General by notice in writing directs him to deduct in respect of any tax payable under any law administered by the Commissioner-General, and the sum so deducted shall be paid to the Commissioner-General. Any balance left after such deduction shall be paid to such contributor.