Payment of Bonus - Is it mandatory to calculate bonus on the basis of Company's profit?

Hello,
I have few query regarding payment of Bonus, like:-
a) Is it mandatory to calculate bonus on the basis of Company's profit??
b) On what basis company should decide the calculation percentage out of 8.33% to 20%
Request you all to please clear the doubts, I will be highly obliged.
Thank you.
2nd May 2019 From India, Gurgaon

Payment f Bonus Act is absolutely clear about Calculation of Bonus and it will determine the % of Bonus. Yes as per Bonus Act the calculation starts from Gross Profit to arrive at available surplus and then allocable surplus along with % of Bonus pay out.
There is also provisions for "Set on"and "SET OFF". Please talk to your finance team for better understanding of the same. It is always better to have audit of the Bonus calculation by authorised Auditor.
S. K. Bandyopadhyay ( Howrah, WB)
+91 98310 81531

2nd May 2019 From India, New Delhi

Hi,
I want to add one more thing that after Audit we will surplus allocable only. Finally, the management will decide the % of bonus to distribute because it will help the high morale of employees and Healthy Industrial Relations.
Thanks,
3rd May 2019 From India, Delhi