Hii,
Can anybody can explain in details about the bonus set on set off ??
What is the purpose of Bonus registers e.g. A, B, C registers??
After how many days any employees is eligible for Bonus??
How the persentage of bonus is decided??
From India, New Delhi
1Can anybody can explain in details about the bonus set on set off ??
What is the purpose of Bonus registers e.g. A, B, C registers??
After how many days any employees is eligible for Bonus??
How the persentage of bonus is decided??
From India, New Delhi
Dear associates,
Well known fact that Min. and Max. bonus to be payable is 8.33% and 20% respectively. To arrive bonus figure from P& L account after tax deduction, 40% of income shall be kept away to disburse bonus payment for present and future years as reserve to be make every consequtive years. In order to over come bonus burden Set-on 40 % out of profit made for the first year and keep over and above 20% for subsequent year payment as safety measure.for example if company makes Rs.50,00,000/-profit for the year, 40% on 50 lakhs shall be set-on (Rs.20Lakhs) and paid Rs,15 lakhs as bonus for the year, balance of Rs.5 lakhs shall be carry forward for next year (Set-off). This will be continuous process once start paying bonus irrespective of bonus infancy period (5 years).
best regards
chandrashekar
bangalore
From India, Bangalore
Well known fact that Min. and Max. bonus to be payable is 8.33% and 20% respectively. To arrive bonus figure from P& L account after tax deduction, 40% of income shall be kept away to disburse bonus payment for present and future years as reserve to be make every consequtive years. In order to over come bonus burden Set-on 40 % out of profit made for the first year and keep over and above 20% for subsequent year payment as safety measure.for example if company makes Rs.50,00,000/-profit for the year, 40% on 50 lakhs shall be set-on (Rs.20Lakhs) and paid Rs,15 lakhs as bonus for the year, balance of Rs.5 lakhs shall be carry forward for next year (Set-off). This will be continuous process once start paying bonus irrespective of bonus infancy period (5 years).
best regards
chandrashekar
bangalore
From India, Bangalore
Dear Mr. Chandershekar,
Thanks for sharing your knowledge...
Can you also please explain the registers of bonus & also the eligibility of employee. If any company is not presently in profit, in that case what is the provision?
Regards
From India, New Delhi
Thanks for sharing your knowledge...
Can you also please explain the registers of bonus & also the eligibility of employee. If any company is not presently in profit, in that case what is the provision?
Regards
From India, New Delhi
Dear Rawat,
Eligibility Wages/salary is Rs.11,000 where as bonus shall be declared on Rs.3500/- (earned). i.e Employees drawing salary upto Rs.10,000/- are eligible, but calculation of bonus on Rs.3500/- not on Rs.10,000/-.
Min.Bonus
From India, Bangalore
Eligibility Wages/salary is Rs.11,000 where as bonus shall be declared on Rs.3500/- (earned). i.e Employees drawing salary upto Rs.10,000/- are eligible, but calculation of bonus on Rs.3500/- not on Rs.10,000/-.
Min.Bonus
From India, Bangalore
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