Hello All,
Please let me know some basic on giving bonus to employee in IT/Service Industry. Is there compulsion for giving bonus if yes then what is the criteria and limit?
Waiting
Subodh
CA V. Mohanakrishnan
(Chartered Accountant)
(401 Points)
Replied 01 October 2008
when is your company incorporated, this has implication on the criteria and limits for payment of bonus apart from other conditions and stipulations
Subodh
( )
(402 Points)
Replied 01 October 2008
Dear Mr Krishnan
Our Company incorporated in April'2000, please solve the query as I am not aware of this Act.
Dear Sir,
Payment & Procedure of Bonus act.
you read my observation
Higher Bonus can paid @ 20% on ceiling of Rs.3500/- per month. Who employees getting Rs.10000/- per month, which employee covered in bonus act.
e.g. = If a employee getting Rs.9000/- per month, the calculation of bonus of above employee is to be calculated @ 20% on Rs.3500/- per month.
or
@ 20% on Rs.9000/-
who calculation is to be correct
please clear my observation
regards
ANUJ GARG
G. ARUN KUMAR
(HR MANAGER)
(0 Points)
Replied 27 November 2008
Dear sir,
I am arunkumar from vellore newly join in Hr department. pls help me hr activities and duties and filing maintenance and TDS and Sales tax and Service Tax. how to payable and filing details .
Thankingyou,
your's truly,
G. ARUN KUMAR MBA
Dilip
(Consultancy)
(23 Points)
Replied 12 December 2008
manish
(ACA)
(26 Points)
Replied 25 December 2008
Hello Sir
I m manish Aggarwal
I have two Querry?
1. As per Section 11 & 12 of bonus act, min. and max. bonus rate is 8.33% to 20%.
but, if any co. has paid bonus amount more than 20% than what is the implication and consequences?
whether is allowed under the same act and Income Tax Act.
whether any penalty and prosecution will be leviable?
2. Asper provision of Bonus Act, only those employee are eligible for bonus who has worked at least 30 working days
but if any employee has worked less than 30 days but the company has paid bonus to the same employee.
whether is allowed under the same act and Income Tax Act.
whether any penalty and prosecution will be leviable?
CA MINESH SHAH
(FRESHER)
(28 Points)
Replied 25 December 2008
There is an amendment on the doubt u hav asked:
Before Amendment, bonus was to be paid on 3500/- even if his salary is above 3500/-
After Amendment, uptil 10000/- bonus is paid on the salary earned.
This Amendment is Applicable from F.Y. 2008 - 2009.
CA MINESH SHAH
(FRESHER)
(28 Points)
Replied 25 December 2008
As per Bonus Act,
Applicabiblity:-
Company:- bonus is applicable to the company if there are 20 or more employees employed in the company.
Employee:- An Employee is eligible for bonus only & only if had worked for atleast 30 days in the year.
Minimum Bonus: 8.33% of the salary or 100 whichever is more.
Maximum Bonus: 20% of the salary.
manish
(ACA)
(26 Points)
Replied 27 December 2008
hi
Mr. Minesh Shah
I think u are not understand my question
My question is different and your answer is different
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