Treatment olf Unclaimed Bonus

Geetanshu Manchanda (Student) (39 Points)

11 June 2010

hii....can anyone tell me what probably would be the treatment of unclaimed bonus being remained unpaid for a period of more than 5 yrs...

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6 Replies

Ankit CA and CS (Manager - Accounts) (204 Points)
Replied 11 June 2010

Unclaimed bonus of more than 3 yrs is trasferred to labour welfare fund.

Kumar (Article) (922 Points)
Replied 12 June 2010

Transfer the same to Labour Welfare Fund

Geetanshu Manchanda (Student) (39 Points)
Replied 14 June 2010

Whether a seprate account needs to be open with some regulatory authority or mere passing a journal is sufficent in this case,..???

Ankit CA and CS (Manager - Accounts) (204 Points)
Replied 14 June 2010

Passing a journal entry will be sufficient...

Geetanshu Manchanda (Student) (39 Points)
Replied 14 June 2010

hi...whether repairs of plant & manchiner attracts the provisions of section 194c for deduction of tds on contractors..???

prerna agarwal (student) (51 Points)
Replied 07 July 2010

Hi,

can sumbody plz tell me, where exactly does the company need to deposit the unclaimed wages and bonus outstanding for more than 3 yrs??

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