How many times a company can give bonus to employees and is the bonus taxable. Help me Regards Pradeep
From India, Hyderabad
1From India, Hyderabad
Hi Pradeep,
According to BONUS ACT, 1965, BONUS IS PAYABLE ONLY ANNUALLY and it can not be directed to be paid on half yearly basis.
Bonus is taxable on receipt basis and is included in the gross salary in the year in which the bonus is received.
KATYANA
From India, Gurgaon
According to BONUS ACT, 1965, BONUS IS PAYABLE ONLY ANNUALLY and it can not be directed to be paid on half yearly basis.
Bonus is taxable on receipt basis and is included in the gross salary in the year in which the bonus is received.
KATYANA
From India, Gurgaon
HI ALL
KINDLY GIVE YOUR VIEW ON THE REVISED BONUS PAYMENT
REGARDS
JOSEPH
Monday, October 29, 2007 Ministry of Labour & Employment PRESS NOTE -------------------------------------------------------------------------------- 19:10 IST On 27th October, 2007 the President has promulgated the Payment of Bonus (Amendment) ordinance, 2007 containing the following amendments:- i) Amendment to clause (13) of Section 2 of the Payment of Bonus Act, 1965 to raise the eligibility limit for payment of bonus from the salary or wage of Rs. 3500/- per month to Rs. 10000/- per month. ii) Amendment to section 12 of the Payment of Bonus Act, 1965 to raise the ceiling for calculation purpose from the salary or wage of Rs. 2500/- per month to Rs. 3500/- per month; iii) Deletion of clause (vi) of section 32 of the Payment of Bonus Act, 1965 so as to cover the employees employed through contractors on building operations. Thus the employees, including those employed through contractors on building operations will be entitled to receive bonus as per the revised ceilings, for the year 2006-07 and onwards. The Ordinance shall be deemed to have come into force on 1st April, 2006. Ministry of Labour & Employment New Delhi, Kartika 07, 1929/October 29, 2007 VBA:NR:LK:29/10/07
From India, Mumbai
KINDLY GIVE YOUR VIEW ON THE REVISED BONUS PAYMENT
REGARDS
JOSEPH
Monday, October 29, 2007 Ministry of Labour & Employment PRESS NOTE -------------------------------------------------------------------------------- 19:10 IST On 27th October, 2007 the President has promulgated the Payment of Bonus (Amendment) ordinance, 2007 containing the following amendments:- i) Amendment to clause (13) of Section 2 of the Payment of Bonus Act, 1965 to raise the eligibility limit for payment of bonus from the salary or wage of Rs. 3500/- per month to Rs. 10000/- per month. ii) Amendment to section 12 of the Payment of Bonus Act, 1965 to raise the ceiling for calculation purpose from the salary or wage of Rs. 2500/- per month to Rs. 3500/- per month; iii) Deletion of clause (vi) of section 32 of the Payment of Bonus Act, 1965 so as to cover the employees employed through contractors on building operations. Thus the employees, including those employed through contractors on building operations will be entitled to receive bonus as per the revised ceilings, for the year 2006-07 and onwards. The Ordinance shall be deemed to have come into force on 1st April, 2006. Ministry of Labour & Employment New Delhi, Kartika 07, 1929/October 29, 2007 VBA:NR:LK:29/10/07
From India, Mumbai
Hi Guys Here I go with a slight different opinion. the intent of law is to provide the minimum bonus payable. there is no restriction on paying more than prescribed by law. rgds CA Kamal Virani
From India, Mumbai
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.
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
Amendment to Payment of Bonus Act 2015.jpg