Payment Of Bonus Under Bonus Act 1965

Dear Seniors,
The closing of accounts is on 31 December of each year and the same are placed before AGM in January. Now the bonus is to be paid within 8 months from the closure accounting year. For the purpose of IT , the books are closed on 31st March each year.
Kindly advise as to which month onward we should start counting 8 months and before end of which month we should the Bonus.
Regards
laxman

You count 8 months from the date of Closing books of accounts. i.e. 31st March, every year.If your management ready to pay bonus before Nov. then there is no problem for employees, they celebrate Festival.
Kindly revert if agree.
Regards,
Dhananjay

Bonus must be paid within 8 months from the closing of the accounting year which in your case is 31st March. There fore the bonus must be paid within 8 months thereafter i.e between April to November.
B.Saikumar
HR & Labour Law advsior
Mumbai

since accounting year closes by March, whether v can pay bonus for the period april 2011 to March 2012. Plz correct me....

If Mangement want to take benifit of I T they have to pay in the month of August of each year
J L Trivedi
Ahmedabad

Bonus should be paid within 8 month closing of accounts.
but remember it should be paid before submition of IT Return
as date of IT return is 30th sep
hence always make the payment before 30th sep
or it is better to make the payment of bonus end of Aug for safe side.