Dear All, Kindly guide me that what is the period for calculation of bonus? It is calender year or financial year? regards kscc
From India, New Delhi
From India, New Delhi
yes, it is within 8 months. read the relevent section of Payment of Bonus Act;
(a) Where there is a dispute regarding payment of bonus pending before any authority under Sec.22, within a month from the date on which the award becomes enforceable or the settlement comes into operation, in respect of such dispute; (b) In any other case, within a period of eight months from the close of the accounting year :
Pon
From India, Lucknow
604(a) Where there is a dispute regarding payment of bonus pending before any authority under Sec.22, within a month from the date on which the award becomes enforceable or the settlement comes into operation, in respect of such dispute; (b) In any other case, within a period of eight months from the close of the accounting year :
Pon
From India, Lucknow
Per Bonus Act, Bonus shall be paid within 8 months after the completion of finacial year Naran Vadher
From India, Gandhinagar
From India, Gandhinagar
any establishment, not any branch or expension, which is newly set ub is exempted from paying bonus to its employees in the first five years, employer can be exempted for the next two year if he is not gaining profit, but he gains profit in the first five year he has to pay bonus to its employees, After seven years if employer does not gain any profit, he is bound to pay minimum bonus ie 8.33% to its employees & bonus has to be distributed to employees within eight months from the closing of financial year.
From India, Ambala
From India, Ambala
The Bonus may disbursed before end of December after close of the Financial year.
But as per the Income tax Act any expenses debited/provision made in the profit and loss account of the previous year should be disbursed before September of the year can be allowed other it will be disallowed by the IT Act.
Murugan B
Madurai
From India, Madurai
But as per the Income tax Act any expenses debited/provision made in the profit and loss account of the previous year should be disbursed before September of the year can be allowed other it will be disallowed by the IT Act.
Murugan B
Madurai
From India, Madurai
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Bonus-amendment _206.doc