Disclosure under section 217(1)(2A)
This query is : Resolved
24 August 2010
Hi,
Initially an employee was receiving less than Rs.2 lacs p.m and his aggregate salary for the year was also less than Rs.24 lacs.
On April 2010, he was given an increment with retrospective effect from Oct, 2009 whereby he crosses Rs 2 Lacs.
Now should we disclosed this as Per 217(2A) in the Annual report 2009-10.
Or can this be treated as Arrears, which needs to be declared only when it is paid. So CAN WE DISCLOSE NEXT YEAR.
Pl clarify
Initially an employee was receiving less than Rs.2 lacs p.m and his aggregate salary for the year was also less than Rs.24 lacs.
On April 2010, he was given an increment with retrospective effect from Oct, 2009 whereby he crosses Rs 2 Lacs.
Now should we disclosed this as Per 217(2A) in the Annual report 2009-10.
Or can this be treated as Arrears, which needs to be declared only when it is paid. So CAN WE DISCLOSE NEXT YEAR.
Pl clarify
24 August 2010
The words used in section 217(2A)(i) and (ii) are.... in receipt of remuneration...
But rule IA of The companies (Particulars of Employees)Rules,1975 is silent about the mode of payment. Since the act prevails over the rule, as per my understanding, cash system may be followed meaning thereby no need of disclosure in financial year 2009-10.
But rule IA of The companies (Particulars of Employees)Rules,1975 is silent about the mode of payment. Since the act prevails over the rule, as per my understanding, cash system may be followed meaning thereby no need of disclosure in financial year 2009-10.
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