Hi All, Would any please enlighten me about the "section 15"(set-on & set -off of allocable surplus) under The Payment Of Bonus Act 1965. Thanks & Regards pooja
From India, Delhi
Acknowledge(0)
Amend(0)
1From India, Delhi
Acknowledge(0)Amend(0)
Hello Pooja Set-on means rhe Allocable surplus is higher than the payment of Bonus while Allocable surplus is low than the actual Bonus it is Set-Off Regds, Nehal
From India, Surat
Acknowledge(0)Amend(0)
From India, Surat
Acknowledge(0)Amend(0)
Understanding the Bonus Act and Section 15
There is a bonus act that mandates paying a bonus to employees on a yearly basis. Our accounting year runs from April to March, and the balance has also been made.
In the Bonus Act, there are Bonus Forms A, B, C, and D. Forget Form C—it's for employee signatures only. Forms A, B, and D are for set-on and set-off.
The actual bonus paid to the employee is Rs. 2,00,000. Your balance sheet's total profit/loss is Rs. 40,00,000. Take 60% of that amount, which is Rs. 2,40,000. Actually, your profit is Rs. 2,40,000. You are to pay the bonus from Rs. 2,40,000. However, you have paid Rs. 2,00,000, and your Rs. 40,000 is set on, which will be entitled in the next year.
Regards,
Bhavesh Surani
From India, Rajkot
Acknowledge(0)Amend(0)
There is a bonus act that mandates paying a bonus to employees on a yearly basis. Our accounting year runs from April to March, and the balance has also been made.
In the Bonus Act, there are Bonus Forms A, B, C, and D. Forget Form C—it's for employee signatures only. Forms A, B, and D are for set-on and set-off.
The actual bonus paid to the employee is Rs. 2,00,000. Your balance sheet's total profit/loss is Rs. 40,00,000. Take 60% of that amount, which is Rs. 2,40,000. Actually, your profit is Rs. 2,40,000. You are to pay the bonus from Rs. 2,40,000. However, you have paid Rs. 2,00,000, and your Rs. 40,000 is set on, which will be entitled in the next year.
Regards,
Bhavesh Surani
From India, Rajkot
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc