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Legal consequences of voluntary deferral of salary by an employee
17-Mar-2023 (In Labour & Service Law)
What if an employee wishes to voluntarily defer the salaries for a certain extended number of months. In the company books, this will be a liability that has to be paid off at a later date. Questions are - 1. Is there a legal provision to support this decision of the employee? 2. Should the company take this in writing from the employee? 3. How can the employee show this deferred salary in her income tax returns? 4. Will the company issue FORM-16 in such cases? 5. What will the company need to mention in the pay slips issued to this employee? 6. Any other safeguards or compliances to be taken care of?
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17+
17+
Adv. J K Agrawal
Jaipur | 100+ Answers
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as per your question...
1. Is there a legal provision to support this decision of the employee? (if such type of practice happens you can complaint).
2. Should the company take this in writing from the employee? (ethically they don't rite to take this).
3. How can the employee show this deferred salary in her income tax returns? (you can ask for Form 16)
4. Will the company issue FORM-16 in such cases? (if company shows in book they have to issue it)
5. What will the company need to mention in the pay slips issued to this employee? (they can show as exgratia)
6. Any other safeguards or compliances to be taken care of? (if company shows inbook they have to issue form 16)
1. Is there a legal provision to support this decision of the employee? (if such type of practice happens you can complaint).
2. Should the company take this in writing from the employee? (ethically they don't rite to take this).
3. How can the employee show this deferred salary in her income tax returns? (you can ask for Form 16)
4. Will the company issue FORM-16 in such cases? (if company shows in book they have to issue it)
5. What will the company need to mention in the pay slips issued to this employee? (they can show as exgratia)
6. Any other safeguards or compliances to be taken care of? (if company shows inbook they have to issue form 16)
Helpful?
16+
16+
Adv. Mahesh Kushwaha
Udaipur | 100+ Answers
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