Hello Friends,
I would like to know that if in case a Company has >20 employees but whose salary is less than 10K. In that case statutorily bonus is not applicable. But, if companies pays voluntarily is statutory compliance of various returns ( ex : annual returns) is mandatory? if yes why?
Thanks in advance
From India, Bangalore
I would like to know that if in case a Company has >20 employees but whose salary is less than 10K. In that case statutorily bonus is not applicable. But, if companies pays voluntarily is statutory compliance of various returns ( ex : annual returns) is mandatory? if yes why?
Thanks in advance
From India, Bangalore
If you employ 20 employees then you are expected to give bonus to employees as per Payment of Bonus Act. If none of the employees qualifies for bonus due to the reason being all employees get salary more than Rs 10000, you need not pay bonus but you have to file a nil return.
If you pay bonus voluntarily, then also you may file returns as prescribed under the Act. Payment of Bonus can not be deemed as voluntary act on the part of employer but shall be the outcome of a settlement between employees and employer. Moreover, the ceiling which decides whether an employee is eligible to bonus or not is subject to change and as such, an employee presently out of converge may become eligible latter on.
Regards,
Madhu.T.K
From India, Kannur
4193If you pay bonus voluntarily, then also you may file returns as prescribed under the Act. Payment of Bonus can not be deemed as voluntary act on the part of employer but shall be the outcome of a settlement between employees and employer. Moreover, the ceiling which decides whether an employee is eligible to bonus or not is subject to change and as such, an employee presently out of converge may become eligible latter on.
Regards,
Madhu.T.K
From India, Kannur
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