20 November 2014
Salary is accrued to the employee. Under some other agreement, penalty has been imposed. So? First the Salary is given and hence accrued to the employee.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
21 November 2014
Suppose an employee total earnings is Rs.15000/- (Including PF Rs. 780/- and PT Rs.200/-)
We adjusted his entire amount of Rs.14020 (after deduction) against penalty.
In this case we have to show his salary amount as nil in TDS Certificate. should we have to show PF in 80C and PT in Tax on Employment column?
24 November 2014
There are 2 financial transactions in this. 01. Salary : Salary has fallen due and accordingly the entry to be passed is Dr Salary, Cr Salary Payable. 02. Recovery of amount of penalty Dr Salary Payable, Cr Penalty (Penalty is going to be other or misc income of the Company)