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Bonus wages limit and bonus amt.

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sunil (Querist)

23 October 2013 Dear experts
On a diwali occasion we are distributing bonus for year of 2012-13.I want to know the wages limit and bonus amt. to pay.Also want to know the wages limit is basic or gross?

Thanks
sandip

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

23 October 2013 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)

Penalty : For contravention of any provision of the Act or the Rules: Upto 6 months or with fine upto Rs.1000. Sec.28

more info:-

https://www.caclubindia.com/experts/bonus-act-latest-amendment-on-increase-of-minimum-limit-1118249.asp#.UmdqMFNHhkg

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