Employee Benefits Expense etc.
The revised Schedule requires disclosure of 'employee benefits expense' on the face of the Statement with disclosure of details (salaries and wages, contribution to provident and other funds, expense on Employee Stock Option Scheme (ESOP) and Employee Stock Purchase Plan (ESPP), staff welfare expenses) in the notes. Remuneration paid to directors who do not have any contract of service with the company and who only attend the board meetings should be excluded. Similarly payment to consultants and advisors who do not have any contract of service should be excluded.
