Receipt from employees
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 November 2014
What is the accounting treatment for money received from employees, which head to be credited? Say due to bond salary is refunded or certain amt of allowance is paid back? And what is the tax treatment for above?
CA PARAS BAFNA
(Expert)
15 November 2014
The amount can be credited to the respective head under which it was paid/payable to the employee. The expenditure amount under the head gets reduced and results in excess tax liability to the employer.
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