Revised sch vi

Please let me know where shall I show Gratuity, Exgratia, Leave salary under revised sch VI ?

1. under Salary & Wages or 

2. Other exps

Replies (5)

You should show  them under Employees Benfits.

Originally posted by : Saurabh

You should show  them under Employees Benfits.

Thumbs up!!!

As per the revised Schedule VI, "Employee benefits expense" includes the following details.

 

1. Salaries and wages : Includes Expenses on account of bonus,leave encashment, compensation and other similar payments

 

2. Contribution to provident and other funds: contributions to provident fund and other funds like Gratuity fund,Superannuation fund, etc. are to be disclosed here. However, penalties and other similar amounts paid to the statutory authorities are not strictly in the nature of ‘contribution’ and should not be disclosed here.

 

3. Expense on Employee Stock Option Scheme (ESOP) and Employee Stock Purchase Plan (ESPP)

 

4. Staff welfare expense:The total expenditure on Staff welfare

 

HENCE ALL THE EXPENSES MENTIONED BY YOU SHOULD BE DISCLOSED UNDER RELEVANT SUB HEADS OF THE MAIN HEAD :EMPLOYEE BENEFITS EXPENSE

"Employee benefits expense" includes the following details. Salaries and wages : Includes Expenses on account of bonus,leave encashment, compensation and other similar payments Contribution to provident and other funds: contributions to provident fund and other funds like Gratuity fund,Superannuation fund, etc. are to be disclosed here. However, penalties and other similar amounts paid to the statutory authorities are not strictly in the nature of ‘contribution’ and should not be disclosed here. Expense on Employee Stock Option Scheme (ESOP) and Employee Stock Purchase Plan (ESPP): Staff welfare expense:The total expenditure on Staff welfare

Refer...

 

Regards

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