Can we pay bonus to staff in cash
If yes,up to which amount
Any special treatment in case of factory
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Provision for Bonus
Replies (1)
Yes. As per the provision of Payment of Bonus Act the bonus shall be paid in cash.
But as per Income Tax Act vide Subsection 3 of Section 40A any payment if exceeds Rs.10,000 made othewise than by account payee cheque, DD or ECS (i.e Cash) shall be disallowed as an expenditure.
No special treatment in case of factoy.
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