Thanks Madhu Sir,
But my concern is regarding the gratuity entry for account purpose. As gratuity paid and entered in accounts book but there is no proof for this entry as salary and wages has. This was my concern.
Secondly, In an organisation, There is a policy to encash excess of 75 EL every every in the salary of Janaury. Same encashment is also mentioned on salary slip. I want to know that this encashment of EL should also be mentioned on salary and wages register or not. Bonus is also paid quarterly in this organisation and bonus amount is mentioned on salary slip. Please clear my doubts as all this be shown on salary and wages register or not.
Regards
Dinesh Kumar
From India, New Delhi
37But my concern is regarding the gratuity entry for account purpose. As gratuity paid and entered in accounts book but there is no proof for this entry as salary and wages has. This was my concern.
Secondly, In an organisation, There is a policy to encash excess of 75 EL every every in the salary of Janaury. Same encashment is also mentioned on salary slip. I want to know that this encashment of EL should also be mentioned on salary and wages register or not. Bonus is also paid quarterly in this organisation and bonus amount is mentioned on salary slip. Please clear my doubts as all this be shown on salary and wages register or not.
Regards
Dinesh Kumar
From India, New Delhi
Who told you that gratuity should be treated like Wages? How can we include it in the salary slip? No. You cannot include it in the wages slip but should be accounted separately like any other expense, like debiting the Gratuity Paid account.
In the similar way, Bonus should also be paid separately and should not be shown in the salary slip. It is upto you to pay it quarterly but as per Bonus Act, you have to pay the bonus within 8 months of the end of financial year. That means the bonus of 2013-14 should be paid on or before November. When you pay it quarterly, some amount will be there due for payment which is not proper as per law.
Regarding encashment of PL also the same practice is to be followed. You can pay it without including the same in the wages register.
Madhu.T.K
From India, Kannur
In the similar way, Bonus should also be paid separately and should not be shown in the salary slip. It is upto you to pay it quarterly but as per Bonus Act, you have to pay the bonus within 8 months of the end of financial year. That means the bonus of 2013-14 should be paid on or before November. When you pay it quarterly, some amount will be there due for payment which is not proper as per law.
Regarding encashment of PL also the same practice is to be followed. You can pay it without including the same in the wages register.
Madhu.T.K
From India, Kannur
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INCLUDE WASH CTC OF EMPLOYEE.xls
Gratuity Act amendment to include Teachers.pdf