All of you are requested to help me out to prepare the bonus registers:
How to maintain the bonus register? What is the calculation of the bonus? And other related things that are mandatory to enter in the register.
From India, New Delhi
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16How to maintain the bonus register? What is the calculation of the bonus? And other related things that are mandatory to enter in the register.
From India, New Delhi
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Dear Vikas,
In case of a bonus, you have to maintain four records. A and B registers are to be prepared by the accounts department or a Chartered Accountant to determine the set on/off. HR personnel cannot prepare these registers as they involve technical terms related to accounts for assessing the profit/loss and determining the percentage of bonus to be paid.
The third record is the C register, which should be prepared by HR, and the calculation should be based on the percentage of bonus to be paid.
The fourth record is Form D, an annual return that needs to be submitted to the labor department.
Thank you.
J. S. Malik
From India, Delhi
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In case of a bonus, you have to maintain four records. A and B registers are to be prepared by the accounts department or a Chartered Accountant to determine the set on/off. HR personnel cannot prepare these registers as they involve technical terms related to accounts for assessing the profit/loss and determining the percentage of bonus to be paid.
The third record is the C register, which should be prepared by HR, and the calculation should be based on the percentage of bonus to be paid.
The fourth record is Form D, an annual return that needs to be submitted to the labor department.
Thank you.
J. S. Malik
From India, Delhi
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Bonus Calculation.xls
BONUS CALCULATION RULE (1).pdf