Every employee saves their paid leave days to encash them when they retire or resign from a company. It’s a common practice. According to Indian labour laws, each employee can take a specific number of paid holidays annually. These paid
Continue ReadingSection 129 of the Companies Act 2013 requires companies to prepare Financial Statements each year. The objective of the Indian Accounting Standards IND AS 19 is to enhance transparency in financial transactions, aligning with accounting standards. It aims to establish
Continue ReadingActuarial valuation for gratuity is not just a numerical exercise; it’s a strategic compass that helps employers in overcoming the complexities of employee benefits. While not always mandatory, its significance is profound. But how is gratuity valued in India? Well
Continue ReadingAs we approach the close of 2023, the spotlight falls on the pivotal realm of employment benefits, particularly gratuity. The freshly introduced rules for gratuity valuation in 2023 carry profound implications for employees at large. These regulations are poised to
Continue ReadingGratuity, a nuanced component of employee compensation, plays a vital role in recognizing and appreciating an individual’s dedication to an organization. Here, Mithras Consultants has brought a clear assessment of gratuity for employees and wholesome details about it. Let us
Continue ReadingGratuity is a crucial component in employee compensation. It’s a form of appreciation for the service rendered, typically paid at retirement or after a long period of employment. Understanding the nuances of gratuity valuation calculation is vital for both employers
Continue ReadingEmployee retirement and departure is often tinged with both excitement and nostalgia. It necessitates a careful consideration of the financial aspects that accompany such farewells. The concept of actuarial valuation emerges as a crucial underpinning to ensure that the exit
Continue ReadingFinancial planning is not just a phrase, it’s a lot more than that. Individuals encounter a multitude of decisions that can shape their own future and the future of their loved ones. Among these pivotal choices, the selection of the
Continue ReadingGratuity, a crucial component of employee benefits, holds a significant place in ensuring the financial security of employees upon their retirement or resignation. However, gratuity valuation varies across industries due to a multitude of factors that shape the compensation structures,
Continue ReadingThe world of accounting is dynamic, with constant updates and revisions to standards to ensure transparency and accuracy in financial reporting. One such standard that has significant implications for financial statements is AS 15 (R). AS 15 (Revised) is a
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