hi good morning all, can any you pleasae tell me what is set on and set off of bonus. procedure of the same..........
From India, Kolhapur
3From India, Kolhapur
Its a define process & a form needs to b e submitted. THis form can be filled by a finance person, who knows how to read financial statements. Its suggested that you better contact your finance guy.
From India, Pune
From India, Pune
Dear SACHIN AUTE Please follow Schdule 2 & 3 of the Bonus Act, After filling form A, SET-ON & SET-OFF are require as per OUT PUT of Form A. Regards, Arihant
From India, Surat
From India, Surat
Dear Sachin,
The principle of set on and set off of allocable surplus is-
Where for any year the alllocable suplus exceeds the amount of max bonus payable to the employees then, the excess shall subject to the limit of twenty per cent of the total salary or wages of the employees, be carried forward for being set on in the succeeding year and so on to be utilised for the purpose of payment of bonus where for any year there is no available suplus, or the allocable suplus in respect of that year falls short of the amount of minimum bonus payable to the employees, and there is no amount or sufficient amount carried forward and set on which could be utilised for the purpose of payment of the minimum bonus then, such minimum amount or the deficiency shall be carried forward for being set off in the succeeding year and so on.
Regards,
Brijesh
From India, Mumbai
The principle of set on and set off of allocable surplus is-
Where for any year the alllocable suplus exceeds the amount of max bonus payable to the employees then, the excess shall subject to the limit of twenty per cent of the total salary or wages of the employees, be carried forward for being set on in the succeeding year and so on to be utilised for the purpose of payment of bonus where for any year there is no available suplus, or the allocable suplus in respect of that year falls short of the amount of minimum bonus payable to the employees, and there is no amount or sufficient amount carried forward and set on which could be utilised for the purpose of payment of the minimum bonus then, such minimum amount or the deficiency shall be carried forward for being set off in the succeeding year and so on.
Regards,
Brijesh
From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HOW TO SET UP HR DEPT.doc