Bonus calculation
This query is : Resolved
12 September 2018
Dear Sir,
How to calculate bonus under the payment of bonus act? On which salary is bonus calculated?
Regards
Pravesh Shukla
How to calculate bonus under the payment of bonus act? On which salary is bonus calculated?
Regards
Pravesh Shukla
12 September 2018
Bonus calculated on basic salary
An employee has to have worked for at least 30 days in that company.
According to the Bonus Act, a minimum of 8.33% up to 20% of his basic (earned) wages is to be paid to the employee.
Note: Bonus is to be paid within 8 months of closing the book of accounts
employees whose salary is less than Rs. 21,000 per month fall under the criteria of bonus. If the salary of an employee exceeds Rs. 7,000, then bonus should be calculated on Rs. 7,000 only. If the salary of an employee is less than Rs. 7,000, then the bonus is to be calculated on the actual amount.
An employee has to have worked for at least 30 days in that company.
According to the Bonus Act, a minimum of 8.33% up to 20% of his basic (earned) wages is to be paid to the employee.
Note: Bonus is to be paid within 8 months of closing the book of accounts
employees whose salary is less than Rs. 21,000 per month fall under the criteria of bonus. If the salary of an employee exceeds Rs. 7,000, then bonus should be calculated on Rs. 7,000 only. If the salary of an employee is less than Rs. 7,000, then the bonus is to be calculated on the actual amount.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITC availability for BOLERO-HILUX (HIGH AT, M1G) HLXX0
- TDS-Fixed assets
- Joint Account Closure
- 139(4) for ITR-5- audit
- Registartion of trust
- TDS can We Adjust 194C Amount to 194J
- Advice on How to calculate the peak balance needed for schedule FA in India for US checking account?
- Are reflected in 2B in GST portal
- Regarding Claim of ITC of FY 2020-21
- Reversal of unutilized ITC can be paid through ITC
- IE code and bin code
- GST applicability on Education Institutions
- Complication in generating GSTR-2B
- TDS DEMAND.
- Assesee supply services in RCM, above 2 crores turnover, is he applicable to file Gstr9
- DTAA Income
- Sale of liquidated company
- How to calculate tax as Income & Tax Calculator on e-Filing website is giving wrong results.
- Updation of UDIN for ROC forms AOC-4 and MGT-7
- Invoices not transmitted to ICEGATE because of non-authentication of Aadhaar
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
