Hi! Can someone kindly help me with the calculation of the Allocable surplus, Set Off and Set On under THE PAYMENT OF BONUS ACT. Do kindly explain with examples. Regards, Shyamali
From India, Nasik
15From India, Nasik
Dear Shrami,
As per the bonus act first we need to calculate available/Allocable Surplus Based on financial sheet u arived in your concern (from A & fom B)
Calculation:
Available Surplus =Net Profit-Direct/Indirect Tax payable by the employer Tax Payable.
Allocable Surples=60% of Available Surplus,
in case of Forigen Companies its 67% of Available Surples.
For calculating amount of bonus in respect of Accounting Year Allocable Surplus is computed after considering the amount of Set ON & Set OFF from the pervious year
The amount so computed from Allocable Surples is distubruted in proportionate to Wages/Salaries received by them during Accounting Year
mIn:8.33% and Max 20% has to be paid.
Eliglibity:Drawing Salaries from 2500 to 3500, will be paid on the bases of Rs.2500/-
still ur not clear get back to me.
Regards
Rangaraj
From Canada, Toronto
As per the bonus act first we need to calculate available/Allocable Surplus Based on financial sheet u arived in your concern (from A & fom B)
Calculation:
Available Surplus =Net Profit-Direct/Indirect Tax payable by the employer Tax Payable.
Allocable Surples=60% of Available Surplus,
in case of Forigen Companies its 67% of Available Surples.
For calculating amount of bonus in respect of Accounting Year Allocable Surplus is computed after considering the amount of Set ON & Set OFF from the pervious year
The amount so computed from Allocable Surples is distubruted in proportionate to Wages/Salaries received by them during Accounting Year
mIn:8.33% and Max 20% has to be paid.
Eliglibity:Drawing Salaries from 2500 to 3500, will be paid on the bases of Rs.2500/-
still ur not clear get back to me.
Regards
Rangaraj
From Canada, Toronto
please qote an example for the set off & set on calculation for payment of bonus regards rejimon
From India, Bangalore
From India, Bangalore
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SALARY SHEET CALCULATION.xls