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?
A.A. 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.
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.
A.Any unaccounted money being deposited to your bank account can cause trouble later on. There two aspects to it.
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.
Dear Client,
Variable pay or compensation is determined based on two main factors – the employee's performance and the company's overall performance. An employee becomes eligible to get variable pay...
Dear Client,
Apart from compliance with the statutory formalities required under the Companies Act, 2013 for the closer of the business of a company or part of it, the Company has to comply with the s...
Dear Client,
Termination without notice amounts to illegal termination and is defined as an industrial dispute under Section 2A of the Industrial Dispute Act, 1947 which also violated the mandatory p...
Dear Sir
Please approach the following authority or similar authority in a state
The Office Commissioner of Labour
Karmika Bhavan, Dairy Circle,
Bannerghatta Road, Bangalore-29.
080-29753078
labou...
Dear Client,
Leave Encashment Rules for private companies vary according to their policies and local regulations. Each company has a unique leave encashment policy. Some may have a cap on the number o...
You have selected a Lawyer whose location is different from your Location , if you wish to take phone consultation kindly pay and get the details of the Lawyers.
Type of Consultation
Fees
Phone Consultation
₹
Meeting Consultation
₹
Email Consultation
₹
Video Conference
₹
Request for quotation from the Lawyer.
You are a new user, please validate for security reasons
❶ Client Posts a Question by paying some amount
❷ All Paid Answers will be shown in N-Indicator (Open to Answer)
❸ You can reply and respond to the question
❹ Answer will be Approved by Admin based on content and on first come first serve basis.
❺ If answer is Approved then you will get your share. Status will be A-Indicator (Approved).
❻ If there are many Answers Posted then your Answer may get approved with a Lock. That means Client can view your response only if Client Unlocks by Paying Extra Amount. Status will be AL-Indicator ( Approved and Locked).
❼ If there are many Answers Posted you will Waitlisting tag. Waitlisting Answers may get Approved with a Lock or may not get Approved. It will be decision made by the Admin.
❽ Your share will depened on the number of Answers received and weightage given to your answer based on promtness and content.
➒ All amount will be accumulated and will be shared once in a month.
Your question is posted successfully. You will get your responses soon. You will be notified by mail and sms once Lawyer responds. THANK YOU! For any query drop a mail at [email protected] or call at 7604047601
Your question is posted successfully on the open forum. You will get your responses soon. You will be notified by mail and sms once Lawyer responds. THANK YOU! For any query drop a mail at [email protected] or call at 7604047601