23 June 2016
Ours is a pvt ltd company. We pay bonus to our employees diwali to diwali. Certain portion of the salary paid remains related with pre-year [ before 31st March ] and the balance portion of the salary paid remains related with post year [ after 31st March ]. Whether this type of working of bonus will be disallowed by the income tax department.
23 June 2016
for bonus deduction you have to pay before the income tax return file for each year. otherwise its disallow this year and to be claim in next year u/s 43(B). and for salary unpaid you have to deposit the labour deptt. if you not make payemtn in specified period.
23 June 2016
Diwali is now on 30th October 2016. We will pay bonus in October 2016. Working will be as follows: From October 2015 to September 2016 [ Oct 15 to March 16 is related with Ay 2016-17 and April 2016 to September 2016 is related with Ay 2017-18. During these 12 months whatever salary has been paid to the employees, we will pay bonus @ 8.33% upon the paid salary to the employees and the effect of bonus will be reflected in P&L of Ay 2017-18. Am I right sir or shall be disallowed by the income tax department. Please advise me how to workout the bonus being paid to the employees.
23 June 2016
Normally Bonus is calculated Financial Year i.e April to March Same will be Paid within Payment in respect of aforesaid expenses is actually made on or before the due date of submission of return of income under sec 139(1) than same will be allowed
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