Hello Seniors,
Required ur guidance, wan to know that how much % of bonous is legally neccesary to pay if the company is profit making & company is want to pay bonus for 3rd financial yr.
kindly guide.
Regards
From India
12Required ur guidance, wan to know that how much % of bonous is legally neccesary to pay if the company is profit making & company is want to pay bonus for 3rd financial yr.
kindly guide.
Regards
From India
Dear Madhurapurab,
It is mandatory to give minimum bonus i.e 8.33% in a year and maximum 20%.
If you give today and u think that in next year will I be able to give bonus then its better to go for minimum bonus for safety.
Nidhi
From India, Ahmadabad
It is mandatory to give minimum bonus i.e 8.33% in a year and maximum 20%.
If you give today and u think that in next year will I be able to give bonus then its better to go for minimum bonus for safety.
Nidhi
From India, Ahmadabad
Hello Nidhi,
But my main question is , If the company is profit making oragnistion, then what will be % that we ned to pay in Third yr.? Also if we need pay it in future for Fourth & Fifth year do we need to go the same 8.33% formula Or we need to go for some other formula?
Friends need more guidance from ur end.
regards
From India
But my main question is , If the company is profit making oragnistion, then what will be % that we ned to pay in Third yr.? Also if we need pay it in future for Fourth & Fifth year do we need to go the same 8.33% formula Or we need to go for some other formula?
Friends need more guidance from ur end.
regards
From India
Dear Madhurapurab,
As u said that if company is profit making decide how much Bonus you can give but 8.33% is must.
If in 3rd financial year u find company is progressing, increase your bonus rate. You can go till 20%.
U can change every year as per the performance of the company.
Is it clear now ?
Regards
Nidhi
From India, Ahmadabad
As u said that if company is profit making decide how much Bonus you can give but 8.33% is must.
If in 3rd financial year u find company is progressing, increase your bonus rate. You can go till 20%.
U can change every year as per the performance of the company.
Is it clear now ?
Regards
Nidhi
From India, Ahmadabad
hi Madhurapurab,
luk, you have to pay a minimum of 8.33% bonus. if your company goes in profit, u can pay bonus to the max. of 20% and still if the allocable surplus is left, u can carry on giving bonuses till 4 years @ 20%,,, nw, as per your question wot bonus you ll b payin in 3rd year entirely depend on ur cos. profit, if your organization z goin for continuous profit, you can giv upto 20% and if not then atleast 8.33%, n suppose, if unable to pay even 8.33%, then the deficit amt. can be carry forward to nxt year
From India, Vijayawada
luk, you have to pay a minimum of 8.33% bonus. if your company goes in profit, u can pay bonus to the max. of 20% and still if the allocable surplus is left, u can carry on giving bonuses till 4 years @ 20%,,, nw, as per your question wot bonus you ll b payin in 3rd year entirely depend on ur cos. profit, if your organization z goin for continuous profit, you can giv upto 20% and if not then atleast 8.33%, n suppose, if unable to pay even 8.33%, then the deficit amt. can be carry forward to nxt year
From India, Vijayawada
Dear Madhurapurab, I agree to what neha gupta said. And neha what I said is right ? Just reply to it. Nidhi
From India, Ahmadabad
From India, Ahmadabad
Dear Madurpurab,
Neha & Nidhi both are right. If still you are facing problem go through the 4th Schedule of Payment of Bonus act 1965 Sec 15 & 16 to understand set on & set off process. Get it calculated on gross profit of your balance sheet. Also if you have union and have gone through collective bargaining in which their is settlement on payment of a certain percentage of bonus then go through the sec 31-A of the same act. Hope this may help you.
Vijay
Manager-HR
(Noble Group)
From India, Jaipur
Neha & Nidhi both are right. If still you are facing problem go through the 4th Schedule of Payment of Bonus act 1965 Sec 15 & 16 to understand set on & set off process. Get it calculated on gross profit of your balance sheet. Also if you have union and have gone through collective bargaining in which their is settlement on payment of a certain percentage of bonus then go through the sec 31-A of the same act. Hope this may help you.
Vijay
Manager-HR
(Noble Group)
From India, Jaipur
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