01 July 2024
We are a Public Sector Undertaking (PSU) registered under the Companies Act, 1956. During the financial year 2019-20, we made a provision for pay arrears effective from January 2016. Subsequently, we have continued to make provisions against pay arrears every financial year. The total provision till date amounts to ₹21 crores. What are implication if reversing this provision in the financial year 2024-25. Income Tax & Penalties and Interest,specific disclosures need to be made in our financial statements regarding this reversal
CAclubindia
