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If company had paid 150000 as bonus but it's bonus liability as per bonus act is 180000 then which amt should be deducted from net profit
Replies (2)
since the accounting is as per accrual basis, you need to provide for Rs 180000 fully leaving Rs 30000 as outstanding liability
bonus or commission paid or payable to any member of the company’s staff,
or to any engineer, technician or person employed or engaged by the company, whether
on a whole-time or on a part-time basis;.... So deductible amount under section 198 is 1.80 lakh
or to any engineer, technician or person employed or engaged by the company, whether
on a whole-time or on a part-time basis;.... So deductible amount under section 198 is 1.80 lakh
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