DIVYA GOEL (Audit & Taxation manager) (63 Points)
19 June 2012Whether bonus act is applicable on partnership firms? Give evidence / support.
If a person is earning per month basic 2500 or 3400 or 3500 or 8000 or 11000: what will be the elligible bonus per annum , how the calculation will be made. Please answer case wise.
divva
(Industrial Trainee @ Ashok Leyland)
(348 Points)
Replied 19 June 2012
The payment of Bonus Act apply to –
every factory; and
b. every other establishment in which twenty or more persons are employed on any day during an accounting year.
So it applies even to partnership firm.
Minimum bonus shall be 8.33% of Basic Wages, basic wage for this purpose shall be limited to Rs.3500/-
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 19 June 2012
Bonus is payable by every factory and every other establishment in which 20 or more persons are employed on any day during an accounting year;
Bonus to any employee is payable if his salary is up-to Rs.10,000/- per month.
It has to be calculated @ 8.33% to 20% (depending upon allocable surplus) of basic. For calculation purposes basic will be limited to maximum Rs.3500 even if the employee is drawing more than Rs.3500 pm.
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