Please let me know where shall I show Gratuity, Exgratia, Leave salary under revised sch VI ?
1. under Salary & Wages or
2. Other exps
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 21 July 2012
You should show them under Employees Benfits.
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 21 July 2012
| Originally posted by : Saurabh | ||
 |
You should show them under Employees Benfits. |
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Thumbs up!!!
N.Naveena Maheswara Rao
(Assistant manager for accounts)
(1096 Points)
Replied 21 July 2012
As per the revised Schedule VI, "Employee benefits expense" includes the following details.
1. Salaries and wages : Includes Expenses on account of bonus,leave encashment, compensation and other similar payments
2. Contribution to provident and other funds: contributions to provident fund and other funds like Gratuity fund,Superannuation fund, etc. are to be disclosed here. However, penalties and other similar amounts paid to the statutory authorities are not strictly in the nature of ‘contribution’ and should not be disclosed here.
3. Expense on Employee Stock Option Scheme (ESOP) and Employee Stock Purchase Plan (ESPP)
4. Staff welfare expense:The total expenditure on Staff welfare
HENCE ALL THE EXPENSES MENTIONED BY YOU SHOULD BE DISCLOSED UNDER RELEVANT SUB HEADS OF THE MAIN HEAD :EMPLOYEE BENEFITS EXPENSE
N.Naveena Maheswara Rao
(Assistant manager for accounts)
(1096 Points)
Replied 21 July 2012
Refer...
Regards
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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