Query on bonus

Nayan,

There is the time limit for the payment of Bonus under Payment of Bonus Act 

thank you. it means a lot for me.

As per the PBA 1956 bonus is requried to be paid withing 8 months from teh end of the accounting year.  as the bonus is being paid in nov12 so tehre's no default on part of teh employer.

However as per section 43B of teh I-T Act, the bonus paid would get disallowed as it is paid after the due date of furnishing teh retunr i.e 31st Jul or 30th Sept as teh case maybe.  This can be however claimed in teh subsequent A.Y.

being cash paid to mr ...... towards reimbursement of petrol bills of JULY , entry passed in november, ie after 3 month. is it correct?

Nayan,

Yes it is correct, because it relates to the same financial year.

Thanks