Certain queries regarding terms “remuneration” and “last employment held” and other matters connected therewith clarified - Companies Law - Circular: No. 23/76

Circular: No. 23/76 [8/27(217)75 ‑ CL-V], dated 6 ‑ 8 ‑ 1976. Subject:- Certain queries regarding terms remuneration and last employment held and other matters connected therewith clarified It has been observed that in complying with the Companies (Particulars of Employees) Rules, the particulars furnished by some companies are not strictly in accordance with the requirements of the Companies Act and the rules made thereunder. As for example, in some cases a column is being added to indicate the net amount of pay and allowances after deduction of tax, although such a column is not indicated in the particulars to be furnished prescribed in the rules. In this connection, this is to clarify that the expression remuneration received occurring in the aforesaid rules will include all expenses incurred by the companies in providing any benefit or amenity to the employee and the word remuneration has the meaning assigned to it in section 198. All companies should, therefore, indicate the salary and perquisites drawn by the employees in terms of the actual expenditure incurred by the company.