Bonus wages limit and bonus amt.
This query is : Resolved
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
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
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
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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