Types of bonus under payment of bonus act 1965

types of bonus under payment of bonus act 1965

Others, as per Second Schedule Section.
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Employer is having duty to furnish any information asked by the inspector.An employee is eligible for bonus if satisfies both the conditions mentioned below: If he completes 30 days in that year as per section.So an employer has to pay every employee working in the year 2014-15 2015-16 within the limit.Calculation of bonus with respect to certain employees.Explanation - The expression "reserves" occurring in column (3) against Item Nos.Section 32 penalty For contravention of any provision of the Act or the Rule, imprisonment upto 6 months or with fine upto.1000 Section 28 Brief FAQs.Earlier bonus act was only applicable to employees earning up.Section 26 Rule 4 Act not applicable to certain employees of Life Insurance Corporation, General Insurance, Dockyards, Red Cross, Universities Educational Institutions, Chambers of Commerce, Social Welfare Institutions, Building Contractors, etc.Separate establishment, if profit and loss accounts are prepared and maintained in respect of any such department or undertaking or branch, then such department or undertaking or branch is treated as a separate establishment.Proportionate, reduction in bonus in certain cases Sec 13 Where an employee has not worked for all the working days in an accounting year, the minimum bonus of one hundred rupees or, as the case may be, of sixty rupees, if such bonus is higher.

(e) In the case of foreign banking companies proportionate administrative (overhead) expenses of Head Office allocable to Indian business.
If any such agreement is made in between the employer and employee, government permission is needed.
Sec 8 (2007 amendment) An employee will be entitled only when he has worked for 30 working days in that year.(If, and to the extent, credited to Profit and Loss Account) Total of Item.6.Section 3, disqualification Deduction of Bonus, on dismissal of an employee for; Fraud; or riotous or violent behavior while in the premises of the establishment; or theft, misappropriation or sabotage of any property of the establishment.Employment / Labour Laws in India (Latest Amendments included hRM linkage with Labour laws Workmen's Compensation Act, 1923, factories Act, 1948.(d) Expenditure or losses (if any) debited directly to published or disclosed reserves, other than - Capital expenditure and capital losses (other than losses on sale of capital assets on which depreciation has not been allowed for income-tax Loses of any business situated outside India.280-D of the Income-tax Act during the accounting year.Losses dove casino of, or expenditure relating to, any business situated outside India.Of his salary or wage for the days he has worked in that accounting year, shall be proportionately reduced.