Company Asking for Depositing Money into Account for Taxation Purpose
4 years ago
I am working in a LLP Software Company in which minimum wages of employees as a fresher/experienced up to 2 years are between 10K to 15K.
The company all of a sudden is asking for account details (although company have it) and it has been said that the company will deposit an amount of 50,000 or more to all the employees accounts.
All the employees will have to transfer this amount to some other account specified by company HR.
The company is saying that this is just for the taxation purpose and it is safe.
What are the minimum wages criteria as per the law?
Is it really safe for me to allow company depositing such large amount in my account?
Is it to restrict employees leaving from Job without/with notice period as our employment bond is too strict (asking employees to oay compensation amount whichever is higher while leaving job with a notice period) and is completely in favour of company?
Please suggest.
Adv. Sarika Khude
Responded 4 years ago
B. Suppose the company is raided by tax authorities for tax evasion then you will also be considered as a partner in crime for allowing your account to be used for it.
Be careful
1. If your employer is depositing money then tomorrow or later if the tax authorities check your bank account then they will charge with tax evasion as it will be considered as your income.
2. Suppose the company is raided by tax authorities for tax evasion then you will also be considered as partner in crime for allowing your account to be used for it.
So, need to be careful.
It all depends upon your willingness to deposit such amount otherwise there are chances of losing job.
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