Now the bonus.
Sec 8 (2007 amendment) An employee will be entitled only when he has worked for 30 working days in that year.
Deduct : (a) Capital receipts and capital profits (other than profits on the sale of assets on which depreciation has been allowed for income-tax or agricultural income-tax).It flows from jurisdiction over industrial and labour disputes, welfare of labour.Proportionate, reduction in bonus in certain cases Sec 13 Where an employee has not worked for all the working days in an accounting year, the minimum bonus of one hundred rupees or, as i want to win money at the casino the case may be, of sixty rupees, if such bonus is higher.12) (15) "establishment in private sector" means any establishment other than an establishment in public sector; (16) "establishment in public sector" means an establishment owned, controlled or managed by- (a) a Government company as defined in section 617 of the Companies Act, 1956 (1.Please comment for any query on Bonus.
Total of Item.3.
Regards, Vinod Kaul 22nd October 2009 From India, Bhopal.
Payment of minimum bonus.
Time limit for payment.(d) Expenditure or losses (if any) debited directly to reserves, other than - Capital expenditure and capital losses (other than losses on sale of capital assets on which depreciation has not been allowed for income-tax or agricultural income-tax) ; Losses of any business situated outside.10,000 per month and lower. .Sec 10 Bonus should be paid along with the salary Every year, every employer shall be bound to pay bonus to every employee.Exempted establishment, the act will not apply to following classes of employees: Employees of LIC, seamen as defined in clause 42 of section of the merchant shipping act 1958.