Dear All, Kindly guide me that what is the period for calculation of bonus? It is calender year or financial year? regards kscc
From India, New Delhi
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From India, New Delhi
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Dear Sir, how much time can a employer take to pay the bonus? I think it is 8 months. regards.
From India, New Delhi
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From India, New Delhi
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Yes, it is within 8 months. Read the relevant section of the Payment of Bonus Act:
(a) Where there is a dispute regarding payment of bonus pending before any authority under Sec.22, within a month from the date on which the award becomes enforceable or the settlement comes into operation, in respect of such dispute; (b) In any other case, within a period of eight months from the close of the accounting year:
Pon
From India, Lucknow
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616(a) Where there is a dispute regarding payment of bonus pending before any authority under Sec.22, within a month from the date on which the award becomes enforceable or the settlement comes into operation, in respect of such dispute; (b) In any other case, within a period of eight months from the close of the accounting year:
Pon
From India, Lucknow
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As a bonus is to be calculated on the profit/loss (allocable surplus) of the company, hence it's the financial year and not the calendar year. The bonus must be paid within a period of eight months from the close of the accounting year.
From India, Pune
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From India, Pune
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Any establishment that is newly set up is exempt from paying bonuses to its employees in the first five years. However, if the employer earns profits within the first five years, then they are required to pay bonuses to their employees.
From India, Pune
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From India, Pune
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Per Bonus Act, Bonus shall be paid within 8 months after the completion of finacial year Naran Vadher
From India, Gandhinagar
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From India, Gandhinagar
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Hi, Bonus needs to be released within 8 months from the date of closure of the financials of that Organisation. regards prakash
From India, Madras
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From India, Madras
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Dear Member, Go through section 16 of the Payment of Bonus Act, 1965 for your query R.N.KHOLA (M)09810405361
From India, Delhi
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From India, Delhi
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Any establishment, not any branch or expansion, which is newly set up is exempted from paying bonuses to its employees in the first five years. The employer can be exempted for the next two years if they are not gaining profit, but if they gain profit in the first five years, they have to pay bonuses to their employees. After seven years, if the employer does not gain any profit, they are bound to pay a minimum bonus, i.e., 8.33%, to their employees. Bonuses have to be distributed to employees within eight months from the closing of the financial year.
From India, Ambala
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From India, Ambala
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The bonus may be disbursed before the end of December after the close of the financial year. However, as per the Income Tax Act, any expenses debited or provision made in the profit and loss account of the previous year should be disbursed before September of the year to be allowed; otherwise, it will be disallowed by the IT Act.
Murugan B
Madurai
From India, Madurai
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Murugan B
Madurai
From India, Madurai
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All amount payble to an employee shall be paid in cash by employer within 8 months from the close of accounting year. Alamjeet Singh sahu AGM (P&A)
From India, Chandigarh
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From India, Chandigarh
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KSCC,
The Period for Calculation of Bonus is starting from 1st April to 31st March of every year.
Thanks & Regards,
Yogesh Kulkarni
Assistant Manager – HR
Contact No. : + 91 98908 45553
Email ID :
From India, Mumbai
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The Period for Calculation of Bonus is starting from 1st April to 31st March of every year.
Thanks & Regards,
Yogesh Kulkarni
Assistant Manager – HR
Contact No. : + 91 98908 45553
Email ID :
From India, Mumbai
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Dear All,
TIME-LIMIT FOR PAYMENT OF BONUS
Please refer to Sec 19 of the Payment of Bonus Act, which provides that all amounts payable to an employee by way of bonus under the Act shall be paid in cash by his employer:
(a) where there is a dispute regarding payment of bonus pending before any authority under Sec 22, within a month from the date on which the award becomes enforceable or the settlement comes into operation in respect of such dispute;
(b) in any other case, within eight months from the close of the accounting year.
Provided that the appropriate Government or such authority as the case may specify in this behalf may, upon an application made to it by the employer and for sufficient reasons, by order, extend the said period of eight months to such further period or periods as it thinks fit; however, the total period so extended shall not in any case exceed two years.
It is neither a calendar year nor a financial year but an accounting year.
Now, what is the accounting year? Please refer to Sec. 2 sub-sec-1, which defines the Accounting year.
I hope the above will clear your doubts.
From India, Delhi
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TIME-LIMIT FOR PAYMENT OF BONUS
Please refer to Sec 19 of the Payment of Bonus Act, which provides that all amounts payable to an employee by way of bonus under the Act shall be paid in cash by his employer:
(a) where there is a dispute regarding payment of bonus pending before any authority under Sec 22, within a month from the date on which the award becomes enforceable or the settlement comes into operation in respect of such dispute;
(b) in any other case, within eight months from the close of the accounting year.
Provided that the appropriate Government or such authority as the case may specify in this behalf may, upon an application made to it by the employer and for sufficient reasons, by order, extend the said period of eight months to such further period or periods as it thinks fit; however, the total period so extended shall not in any case exceed two years.
It is neither a calendar year nor a financial year but an accounting year.
Now, what is the accounting year? Please refer to Sec. 2 sub-sec-1, which defines the Accounting year.
I hope the above will clear your doubts.
From India, Delhi
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