How Will the Bonus Amendment Act 2015 Affect Your Payroll Calculations?

pca
Friends,

Please find attached the Payment of Bonus (Amendment) Act 2015 as notified in the Official Gazette. The following amendments have been made in the Act:

1. The eligibility limit for the payment of bonus has been increased from Rs. 10,000 to Rs. 21,000.
2. The calculation ceiling has been increased from Rs. 3,500 per month to Rs. 7,000 per month.

These amendments have been made effective retrospectively from April 1, 2014. Therefore, we will need to calculate the differential liability for 2014-15 and make payments accordingly.

Thank you.
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finance3Aces
Dear Sir/Madam,

Thank you for sharing useful information. Could you please guide me on the deadline for paying the increased bonus for the FY 2014-15?

Regards,
Pankaj
pranayjain86
I read the same on other places on the internet also. As per CA Hitesh, the limit for coverage of employees and the limit for the calculation of bonuses has been increased (>link no longer exists - removed). But I am still confused like Pankaj on when the amendment was implementable?
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