bonus act applicability

 

(Querist)
27 May 2008

can anyone tell me what is the eligibility criterion for applicability of bonus payment act as per latest provisions?
Is it applicable to cooperative banking society?

any website for the same?


Shekar (Expert)
28 May 2008

Hi Nipun..

Go through this link

http://www.helplinelaw.com/docs/main.php3?id=PBNS1

Gayathri Devi (Expert)
28 May 2008

1.The salary of an employee sholdnotexceedRs.3500
2. Number of employees should be morethan 20
3.Bonus is payable out of the available surplus.
4.In case of loss 8.33% should be paid

Taranjit Singh (Expert)
27 March 2010

Applicability of Act (Sec 1)
Every factory wherein 10 or more persons are employed with the aid of power or An establishment In which 20 or more persons are employed without the aid of power on any day during an accounting year.
Establishment : Establishment includes departments, undertakings and branches, etc.



Taranjit Singh (Expert)
27 March 2010

Eligibility of Bonus : An employee will be entitled only when he has worked for 30 working days in that year. Sec. 8
Payment of Minimum Bonus : 8.33% of the salary or Rs.100 (on completion of 5 years after 1st Accounting year even if there is no profit). Sec. 10
Eligible Employees: – Employees drawing wages upto Rs.10000/- per month or less. For calculation purposes Rs.3500 per month maximum will be taken even if an employee is drawing upto Rs.3500 per month. (Sec. 12)
Time Limit for Payment of Bonus : Within 8 months from the close of accounting year. (Sec. 19)


Read more: http://www.taxguru.in/government-policy/main-provisions-of-payment-of-bonus-act-1965-in-brief.html#ixzz0jOBpLDwF

V K Bajaj (Expert)
18 December 2013

The following link gives the complete and updated information hence more useful:

http://www.excelconsultancyservices.co.in/PaymentOfBonus.htm


contact@vkbajaj.co.in



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