If we have an employee whose annual salary is 1,80,000 INR per annum. Is it okay from income tax point of view if the salary is paid to him once at the end of year say on 31st March 2014 for whole of 2013-2014 ?
Or it's was mandatory to pay him every month for the months gone ?
Also, since the salary is below income tax slab of 200000 INR, is it mandatory for the employee to provide his PAN details ?
let me know.
Divya
Divya...
As per my concern ...PAN is required no matterr what amount of salary is earned by the employee.
Second if u will pay one time 180,000 arose suspious doubt of A.O but also it will affect ur account position if u r going to segment report or wehre u want to know quartrely expenditure and income. Due to heavy amount it will affect that months income and expenditure. U can do it but consequence may be as above...
Hi,
What about the PF of the employee ?
Sachin what u want to know about the PF...post details of ur query..?
Sachin,
PF is not applicable in our case.
Divya.
| Originally posted by : Sachin | ||
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Hi, What about the PF of the employee ? |
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From your query, it appears that you wish to pay a Director; salary ;but that is not drawn every month and the purpose is to claim expenses. There will be statutory deductions like professional tax etc. TDS may not be deductible if you take s staement from employee regarding his total income.It may cretae suspicion for AO but if a proper resolution is passed( in case of Director) it may be claimed on accrual basis and necessary enries have to be passed every month.
Its my Opinion :
PAN no. is not mandatory and PF also applicable and its payment Monthly basis to Controlling authority with employee and employer contribution.
Its my Opinion :
PAN no. is not mandatory and PF also applicable and its payment Monthly basis to Controlling authority with employee and employer contribution.
CAclubindia
