Bonus
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2010
Hi All,
how is bonus calculated and how it is accounted.
what is the impact of bonus while finalization for income tax purpose.
how is bonus calculated and how it is accounted.
what is the impact of bonus while finalization for income tax purpose.
04 February 2010
Bonus is the concern's decision. You debit bonus account and create a liability in the books. At the time of finalisation you have to disallow bonus to the extent it is not paid to the employees at the time of filing of return. For Example if a provision of Rs. 1 Lakh is made for bonus and the concern has only paid Rs. 25,000/- at the time of filing the return, then Rs. 75,000/- is to be added back (disallowed) while computing the income
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