Hello Everyone,
I hope this message finds you well. I am reaching out to seek some clarification regarding the treatment of statutory bonuses in terms of their categorization and taxation. I understand that this might vary based on jurisdiction and company policies, but I'm eager to gather insights and experiences from the community.
The specific questions I have are:
1. Nature of Statutory Bonus: Salary Component or Profit Sharing?
In your organization or based on your understanding, is the statutory bonus considered a part of the employee's salary structure, or is it viewed as a form of profit-sharing?
2.Tax Deduction at Source (TDS) on Statutory Bonus: Yes or No?
What is the prevalent practice when it comes to deducting TDS from statutory bonuses? Are there specific rules or guidelines that determine whether TDS should be deducted or not?
3.Any Regulatory or Organizational Insights:
If applicable, could you share any relevant regulations or company policies that shed light on the treatment of statutory bonuses?
4.Impact on Employees:
How do employees generally perceive the treatment of statutory bonuses? Have there been any notable changes or updates in this regard that employees should be aware of?
5.Your Personal Experience or Recommendations:
If you have personal experiences or recommendations on handling statutory bonuses, I would greatly appreciate your insights.
Please feel free to share any relevant information, and if there are specific resources or articles that you find helpful on this topic, I would be grateful for those recommendations as well.
Thank you in advance for your time and expertise. I look forward to a fruitful discussion!
Best regards,
Shlesha Parmar
Human Resource Executive
Sadhrasya SoftTech Private Limited
Vadodara, Gujarat
I hope this message finds you well. I am reaching out to seek some clarification regarding the treatment of statutory bonuses in terms of their categorization and taxation. I understand that this might vary based on jurisdiction and company policies, but I'm eager to gather insights and experiences from the community.
The specific questions I have are:
1. Nature of Statutory Bonus: Salary Component or Profit Sharing?
In your organization or based on your understanding, is the statutory bonus considered a part of the employee's salary structure, or is it viewed as a form of profit-sharing?
2.Tax Deduction at Source (TDS) on Statutory Bonus: Yes or No?
What is the prevalent practice when it comes to deducting TDS from statutory bonuses? Are there specific rules or guidelines that determine whether TDS should be deducted or not?
3.Any Regulatory or Organizational Insights:
If applicable, could you share any relevant regulations or company policies that shed light on the treatment of statutory bonuses?
4.Impact on Employees:
How do employees generally perceive the treatment of statutory bonuses? Have there been any notable changes or updates in this regard that employees should be aware of?
5.Your Personal Experience or Recommendations:
If you have personal experiences or recommendations on handling statutory bonuses, I would greatly appreciate your insights.
Please feel free to share any relevant information, and if there are specific resources or articles that you find helpful on this topic, I would be grateful for those recommendations as well.
Thank you in advance for your time and expertise. I look forward to a fruitful discussion!
Best regards,
Shlesha Parmar
Human Resource Executive
Sadhrasya SoftTech Private Limited
Vadodara, Gujarat