Salary payable

[yujin kim]

We need your help.

Our company has foreigner employee.

He paid his income tax . and submitted income tax return.

But company hold his salary. means company didn't pay salary but we should put that amount 'salary payable ' in the Tally.

But we didnt put that amt, so our CA also didn't put that amount in our balance sheet.

This is 1 year before only(2010-11FY), so do we have to revise balance sheet?

that salary payable amount is 1lac * 12 =1320000 Rs

Everything we want to do legally and try to follow rule.

What can we do

The reason we didn't pay salary to that employee is we 've paid him salary ouside of India(another company) .

and we've paid income tax outside of India & India together.

AI Summary

Company Seeks Guidance on Revising Balance Sheet to Reflect Unpaid Salary of 1,320,000 INR for Compliance A company faced an issue where a foreign employee's salary was not recorded as 'salary payable' in their accounting software, Tally, for the fiscal year 2010-11. Although the employee paid income tax and submitted a return, the salary was paid outside India by another company. Consequently, the company's chartered accountant did not include this amount in the balance sheet. The company seeks guidance on whether to revise the balance sheet to reflect the unpaid salary amount of 1,320,000 INR, aiming to comply with legal requirements. The response from a chartered accountant indicated difficulty in understanding the query.