we have a private Ltd company in our of account unpaid bonus for the last several years
2016-2017
2017-2018
2018-2019
2019-2020
we wish to written of the amounts but Auditors not accepting by saying that all statutory amounts to be transferred to Labour welafre fund .How far it is coorect.pl suggest me
Hi,
This is based on Labor welfare fund Act.
Above Act is applicable to some states only, if you're located in a state in which this Act is applicable, then you have to transfer the bonus to labour welfare fund otherwise no need.
Note: If you're in the state in which this Act applicable, also check whether the Act is applicable to your entity. ( i.e Act is applicable based on employees working in the entity).
CAclubindia
