Regarding Salary Advance

This query is : Resolved

Don Bosco (Querist)
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31 July 2010 Dear Sirs/ Madam,
Please kindly let me know what are the legal documents to be made for a salary advance made for Rs. 2,00,000/-

O.D.SHARMA

O.D.SHARMA (Expert)
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31 July 2010 Dear Bosco,
This depends on employee & company.Employer can see the length of service,Purpose & salary.how the employee will get that amount repay.If this is a car or any such item,Employer can by in company name.Please clear the question .

CA Kapil B Gupta

CA Kapil B Gupta (Expert)
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31 July 2010 TDS will be deducted accordingly on advance salary, however your query is not quite clear.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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31 July 2010 It depends. To what kind of employee the advance is extended.

Even if a well documented with complete details, advance salary receipt is being signed by the employee, its sufficient.

Though you can always have a legal agreement on the stamp paper with all the clauses including the timing & mode of repayment.

You can further go ahead to get this agreement registered in a court.