bonus piad to employee
This query is : Resolved
tarunjjain
(Querist)
07 October 2009
ANY RESTRICTION ON BONUS PAID TO EMPLOYEE UNDER INCOME TAX AND COMPANIES ACT.
CA. B.SRINIVASULU
(Expert)
07 October 2009
Minimum Bonus to be paid to employees is 8.33% and maximum bonus that can be paid is 20% of their salaries earned during the year.
If you pay extra over and above the above limit it will be termed as exgratia. To a maximum of another 10% you can pay.
There is no restriction but the officer will disallow the same under income tax act and under companies act the directors are misusing their powers.
If you pay extra over and above the above limit it will be termed as exgratia. To a maximum of another 10% you can pay.
There is no restriction but the officer will disallow the same under income tax act and under companies act the directors are misusing their powers.
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