hi good morning all, can any you pleasae tell me what is set on and set off of bonus. procedure of the same..........
From India, Kolhapur
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3From India, Kolhapur
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Dear SACHIN AUTE Please follow Schdule 2 & 3 of the Bonus Act, After filling form A, SET-ON & SET-OFF are require as per OUT PUT of Form A. Regards, Arihant
From India, Surat
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From India, Surat
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The principle of set on and set off of allocable surplus is as follows: Where, for any year, the allocable surplus exceeds the maximum bonus payable to the employees, then the excess shall, subject to the limit of twenty percent of the total salary or wages of the employees, be carried forward to be set on in the succeeding year. This process continues to be utilized for the purpose of bonus payment. In cases where, for any year, there is no available surplus or the allocable surplus falls short of the minimum bonus payable to the employees, and there is no sufficient amount carried forward and set on, the minimum amount or the deficiency shall be carried forward to be set off in the succeeding year and so on.
Regards,
Brijesh
From India, Mumbai
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Regards,
Brijesh
From India, Mumbai
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Amendment to Payment of Bonus Act 2015.jpg
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