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Leave Actuarial Valuation

Maharashtra, Karnataka, Delhi shop act – limit 45 days Factories Act 1948, Rajasthan shop act – limit 30 days Gujarat shop act– limit 63 days (encashment in all above)

Regulation

  • Respective State’s Shop Establishment Act
  • Factories Act
  • Carry forward of Leave upto specific limit?
  • Encashment on separation?

Accounting

  • Accrual Principle
  • AS 15 Employee Benefits
  • Mandatory for All
  • Actuarial Valuation PUC method (Para 49,65)
  • Provision if carry forward of leave allowed

Taxation

  • Allowed on Payment basis
  • Contribution to Group Leave policy, No tax benefit

Audit

  • SA 620 refers to using work of Actuaries
  • All AS 15 implementation maximum deficiency as per FRRB

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