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
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1From India, Delhi
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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
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From India, Surat
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Dear Poo,
There is a bonus act to pay bonus to the employee on a yearly basis. Our accounting year runs from April to March. The balance has also been made.
In the Bonus Act, there are Bonus Forms A, B, C, D. Forget Form C - it's for employee signature only. Forms A, B, C are for set on, 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.
Bhavesh Surani BCA, MSW, LLB, DIRPM 9924529949
From India, Rajkot
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There is a bonus act to pay bonus to the employee on a yearly basis. Our accounting year runs from April to March. The balance has also been made.
In the Bonus Act, there are Bonus Forms A, B, C, D. Forget Form C - it's for employee signature only. Forms A, B, C are for set on, 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.
Bhavesh Surani BCA, MSW, LLB, DIRPM 9924529949
From India, Rajkot
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