How many times a company can give bonus to employees and is the bonus taxable. Help me Regards Pradeep
From India, Hyderabad
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2From India, Hyderabad
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Hi Pradeep,
According to the Bonus Act of 1965, bonuses are payable only annually and cannot be directed to be paid on a half-yearly basis. Bonuses are taxable on a receipt basis and are included in the gross salary in the year in which the bonus is received.
KATYANA
From India, Gurgaon
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According to the Bonus Act of 1965, bonuses are payable only annually and cannot be directed to be paid on a half-yearly basis. Bonuses are taxable on a receipt basis and are included in the gross salary in the year in which the bonus is received.
KATYANA
From India, Gurgaon
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Hi all,
Kindly give your view on the revised bonus payment.
Regards,
Joseph
Monday, October 29, 2007
Ministry of Labour & Employment
PRESS NOTE
19:10 IST
On 27th October 2007, the President promulgated the Payment of Bonus (Amendment) Ordinance, 2007 containing the following amendments:
i) Amendment to clause (13) of Section 2 of the Payment of Bonus Act, 1965 to raise the eligibility limit for payment of bonus from the salary or wage of Rs. 3500/- per month to Rs. 10000/- per month.
ii) Amendment to Section 12 of the Payment of Bonus Act, 1965 to raise the ceiling for calculation purposes from the salary or wage of Rs. 2500/- per month to Rs. 3500/- per month.
iii) Deletion of clause (vi) of Section 32 of the Payment of Bonus Act, 1965 to cover employees employed through contractors on building operations. Thus, employees, including those employed through contractors on building operations, will be entitled to receive a bonus as per the revised ceilings for the year 2006-07 and onwards. The Ordinance shall be deemed to have come into force on 1st April 2006.
Ministry of Labour & Employment
New Delhi, Kartika 07, 1929/October 29, 2007
VBA:NR:LK:29/10/07
From India, Mumbai
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Kindly give your view on the revised bonus payment.
Regards,
Joseph
Monday, October 29, 2007
Ministry of Labour & Employment
PRESS NOTE
19:10 IST
On 27th October 2007, the President promulgated the Payment of Bonus (Amendment) Ordinance, 2007 containing the following amendments:
i) Amendment to clause (13) of Section 2 of the Payment of Bonus Act, 1965 to raise the eligibility limit for payment of bonus from the salary or wage of Rs. 3500/- per month to Rs. 10000/- per month.
ii) Amendment to Section 12 of the Payment of Bonus Act, 1965 to raise the ceiling for calculation purposes from the salary or wage of Rs. 2500/- per month to Rs. 3500/- per month.
iii) Deletion of clause (vi) of Section 32 of the Payment of Bonus Act, 1965 to cover employees employed through contractors on building operations. Thus, employees, including those employed through contractors on building operations, will be entitled to receive a bonus as per the revised ceilings for the year 2006-07 and onwards. The Ordinance shall be deemed to have come into force on 1st April 2006.
Ministry of Labour & Employment
New Delhi, Kartika 07, 1929/October 29, 2007
VBA:NR:LK:29/10/07
From India, Mumbai
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Hi Guys Here I go with a slight different opinion. the intent of law is to provide the minimum bonus payable. there is no restriction on paying more than prescribed by law. rgds CA Kamal Virani
From India, Mumbai
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From India, Mumbai
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