Bonus wages limit and bonus amt.

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sunil (Querist)
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23 October 2013 Dear experts
On a diwali occasion we are distributing bonus for year of 2012-13.I want to know the wages limit and bonus amt. to pay.Also want to know the wages limit is basic or gross?

Thanks
sandip

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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23 October 2013 Eligibility of Bonus : An employee will be entitled only when he has worked for 30 working days in that year. Sec. 8

Payment of Minimum Bonus : 8.33% of the salary or Rs.100 (on completion of 5 years after 1st Accounting year even if there is no profit). Sec. 10

Eligible Employees: – Employees drawing wages upto Rs.10000/- per month or less. For calculation purposes Rs.3500 per month maximum will be taken even if an employee is drawing upto Rs.3500 per month. (Sec. 12)

Penalty : For contravention of any provision of the Act or the Rules: Upto 6 months or with fine upto Rs.1000. Sec.28

more info:-

https://www.caclubindia.com/experts/bonus-act-latest-amendment-on-increase-of-minimum-limit-1118249.asp#.UmdqMFNHhkg

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