Dear seniors.
I have doubt regarding sec 16 of bonus
Act. Which state that newly setup companies
may be exempt from bonus payment.
My query is.. xyz pvt. Ltd was incorporated
in FY 2014-15 & incurred the loss hence
Company is not liable to pay bonus for this year. However in FY 2015-16 it has made the profit of 1767389/- pls let me know weather the company is liable to pay bonus for
FY 2015-16 or not.
Also clarify what actually the rule of exemption
upto 5 year for newly setup companies weather this exemption is available only in case of loss or in case of inadequate profit also if so? Is there any ceiling limit of profit in sec 16 that if the profit exceed this limit then
Companies has to pay bonus irrespective of five year.
Regds
Ashish Jain
I have doubt regarding sec 16 of bonus
Act. Which state that newly setup companies
may be exempt from bonus payment.
My query is.. xyz pvt. Ltd was incorporated
in FY 2014-15 & incurred the loss hence
Company is not liable to pay bonus for this year. However in FY 2015-16 it has made the profit of 1767389/- pls let me know weather the company is liable to pay bonus for
FY 2015-16 or not.
Also clarify what actually the rule of exemption
upto 5 year for newly setup companies weather this exemption is available only in case of loss or in case of inadequate profit also if so? Is there any ceiling limit of profit in sec 16 that if the profit exceed this limit then
Companies has to pay bonus irrespective of five year.
Regds
Ashish Jain