https://www.taxtmi.com/forum/issue?id=4119 Company failed to record unpaid wages for a foreign employee in 2010-11 despite the employee having paid income tax; the unpaid amount was not shown as salary payable in the accounts. The operative issue is whether the liability should be recognised and the balance sheet revised; the company should evaluate obligation recognition under accounting standards, consider adjusting prior period statements or disclosing the liability, and align accounting records with tax reporting after consulting its chartered accountant. en-us Fri, 04 May 2012 05:45:36 +0530 Thu, 23 Jan 2025 15:58:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=4119 Company failed to record unpaid wages for a foreign employee in 2010-11 despite the employee having paid income tax; the unpaid amount was not shown as salary payable in the accounts. The operative issue is whether the liability should be recognised and the balance sheet revised; the company should evaluate obligation recognition under accounting standards, consider adjusting prior period statements or disclosing the liability, and align accounting records with tax reporting after consulting its chartered accountant. Discussion-Forum Income Tax Fri, 04 May 2012 05:45:36 +0530 https://www.taxtmi.com/forum/issue?id=4119