Payment Of Bonus Act 1965
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1. The document discusses key aspects of the Payment of Bonus Act 1965 in India such as defining available surplus and allocable surplus for calculating bonus amounts payable to workers. 2. It outlines who qualifies for bonus payments under the Act and how to calculate allocable surplus by determining gross profit, allowable deductions, and set-offs or set-ons. 3. Exempted organizations are also mentioned along with other provisions regarding deductions, time limits for payment, and employees' rights to claim unpaid bonus.
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Payment of Bonus Act, 1965
The Payment of Bonus Act, 1965 makes it mandatory for employers to pay their employees an annual bonus. It aims to provide bonus payments to workers in certain establishments as a way to share profits. Key points:
- The Act defines bonus as a payment beyond normal wages to reward employees. It made bonus a statutory right rather than dependent on company profits or production.
- Employers must pay a minimum annual bonus of 8.33% of wages or 100 rupees, whichever is higher, if an employee worked at least 30 days in a year.
- For higher profits, employers must pay a bonus proportionate to wages up to a maximum of 20% of wages.
- Employees can be
Payment of bonus act 1965
The document discusses the Payment of Bonus Act 1965 in India. It provides definitions of key terms like bonus and outlines the aims, applicability, eligibility criteria, minimum and maximum bonus amounts under the Act. It also covers the methods to calculate statutory bonus and available surplus, as well as employers' obligations around payment timelines, registers, returns and penalties for non-compliance. The document answers several questions around entitlement of different employee types and closes with conclusions and bibliography.
Payment Of Bonus Act 1965
1. The document discusses key aspects of the Payment of Bonus Act 1965 in India such as defining available surplus and allocable surplus, who is eligible to receive bonus payments, exempted organizations, and how to calculate allocable surplus and set off or set on amounts.
2. Allocable surplus is either 67% of available surplus for companies not declaring dividends in India, or 60% of available surplus for other cases. Eligible employees must earn up to Rs. 3500 per month.
3. Exempted organizations include LIC, Red Cross, local authorities, and some financial institutions. Bonus amounts are typically 8.33-20% of wages, with unused surplus amounts able to be set
Compliance list (bonus act)
The document summarizes the key provisions of the Payment of Bonus Act 1965 and Rules. It outlines that the Act applies to establishments with 10 or more employees and requires the payment of an annual bonus equivalent to 8.33% of salary or Rs. 100. Eligible employees are those earning less than Rs. 10,000 per month. Bonus must be computed based on the establishment's available surplus and paid within 8 months of the accounting year close. Employers must maintain registers showing bonus computations and payments, and submit an annual return by December 30 each year. Non-compliance may result in penalties up to 6 months imprisonment or Rs. 1,000 fine.
Payment of bonus act,1965 ppt
The Payment of Bonus Act, 1965 aims to reward employees through profit sharing. It applies to factories and establishments with 20 or more employees. Eligible employees must work a minimum of 30 days and earn less than Rs. 21,000 per month. Employers must pay a minimum bonus of 8.33% of salary or Rs. 100, and can pay up to 20% of salary depending on available surplus. Employers have 8 months to pay bonuses, with provisions to carry forward surplus or deficits to subsequent years.
Payment of Bonus act
The Payment of Bonus Act, 1965 provides for the payment of bonus to employees in establishments with 20 or more employees based on profits. It applies to factories and other establishments and covers employees earning up to Rs. 10,000 per month who have worked for at least 30 days. The act specifies minimum and maximum bonus amounts as a percentage of salaries and carries forward surplus amounts across years for set-on or set-off.
THE PAYMENT OF BONUS ACT,1965
The Payment of Bonus Act, 1965 requires employers in India to pay annual bonus to eligible employees based on profits. It applies to factories and other establishments with 20 or more employees. The minimum bonus is 8.33% of wages or Rs. 100, whichever is higher. The maximum bonus is 20% of wages. Employers must calculate bonus using a specified formula and maintain registers showing computations. The Act establishes rights for employees to claim unpaid bonus and resolve disputes, and penalties for employers who violate the Act.
Payment of bonus act, 1965
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
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Payment of Bonus Act, 1965
The Payment of Bonus Act, 1965 makes it mandatory for employers to pay their employees an annual bonus. It aims to provide bonus payments to workers in certain establishments as a way to share profits. Key points:
- The Act defines bonus as a payment beyond normal wages to reward employees. It made bonus a statutory right rather than dependent on company profits or production.
- Employers must pay a minimum annual bonus of 8.33% of wages or 100 rupees, whichever is higher, if an employee worked at least 30 days in a year.
- For higher profits, employers must pay a bonus proportionate to wages up to a maximum of 20% of wages.
- Employees can be
Payment of bonus act 1965
The document discusses the Payment of Bonus Act 1965 in India. It provides definitions of key terms like bonus and outlines the aims, applicability, eligibility criteria, minimum and maximum bonus amounts under the Act. It also covers the methods to calculate statutory bonus and available surplus, as well as employers' obligations around payment timelines, registers, returns and penalties for non-compliance. The document answers several questions around entitlement of different employee types and closes with conclusions and bibliography.
Payment Of Bonus Act 1965
1. The document discusses key aspects of the Payment of Bonus Act 1965 in India such as defining available surplus and allocable surplus, who is eligible to receive bonus payments, exempted organizations, and how to calculate allocable surplus and set off or set on amounts.
2. Allocable surplus is either 67% of available surplus for companies not declaring dividends in India, or 60% of available surplus for other cases. Eligible employees must earn up to Rs. 3500 per month.
3. Exempted organizations include LIC, Red Cross, local authorities, and some financial institutions. Bonus amounts are typically 8.33-20% of wages, with unused surplus amounts able to be set
Compliance list (bonus act)
The document summarizes the key provisions of the Payment of Bonus Act 1965 and Rules. It outlines that the Act applies to establishments with 10 or more employees and requires the payment of an annual bonus equivalent to 8.33% of salary or Rs. 100. Eligible employees are those earning less than Rs. 10,000 per month. Bonus must be computed based on the establishment's available surplus and paid within 8 months of the accounting year close. Employers must maintain registers showing bonus computations and payments, and submit an annual return by December 30 each year. Non-compliance may result in penalties up to 6 months imprisonment or Rs. 1,000 fine.
Payment of bonus act,1965 ppt
The Payment of Bonus Act, 1965 aims to reward employees through profit sharing. It applies to factories and establishments with 20 or more employees. Eligible employees must work a minimum of 30 days and earn less than Rs. 21,000 per month. Employers must pay a minimum bonus of 8.33% of salary or Rs. 100, and can pay up to 20% of salary depending on available surplus. Employers have 8 months to pay bonuses, with provisions to carry forward surplus or deficits to subsequent years.
Payment of Bonus act
The Payment of Bonus Act, 1965 provides for the payment of bonus to employees in establishments with 20 or more employees based on profits. It applies to factories and other establishments and covers employees earning up to Rs. 10,000 per month who have worked for at least 30 days. The act specifies minimum and maximum bonus amounts as a percentage of salaries and carries forward surplus amounts across years for set-on or set-off.
THE PAYMENT OF BONUS ACT,1965
The Payment of Bonus Act, 1965 requires employers in India to pay annual bonus to eligible employees based on profits. It applies to factories and other establishments with 20 or more employees. The minimum bonus is 8.33% of wages or Rs. 100, whichever is higher. The maximum bonus is 20% of wages. Employers must calculate bonus using a specified formula and maintain registers showing computations. The Act establishes rights for employees to claim unpaid bonus and resolve disputes, and penalties for employers who violate the Act.
Payment of bonus act, 1965
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
Payment Of Bonus Act
The Payment of Bonus Act, 1965 provides for the payment of bonus to employees in establishments employing 20 or more persons based on profits or productivity. It applies to employees earning up to Rs. 10,000 per month who have worked for at least 30 days. Bonus must be between 8.33% to 20% of salary, with a maximum of Rs. 8,400. Establishments must pay bonus from allocable surplus which is 60% of available surplus. New establishments are exempt for 5 years but must consider set on/off from the 6th year. Contracting out of bonus is prohibited.
Payment of bonus act
The document summarizes India's Payment of Bonus Act 1965. It defines bonus as a cash payment by employers to employees in addition to regular wages from company profits. The Act applies to factories and establishments with 20+ employees. It entitles all employees earning up to Rs. 10,000/month who worked for 30+ days to minimum bonus payment. The document outlines formulas for calculating bonus allocable surplus and details rights and responsibilities of employers and employees.
Payment Of Bonus Act,1965
The Payment of Bonus Act, 1965 applies to factories employing 20 or more people and requires the payment of an annual bonus. It mandates a minimum bonus of 8.33% of salary for employees earning up to Rs. 10,000 per month who worked for at least 30 days. Bonus amount is calculated based on factors like available surplus, allocable surplus, and maximum/minimum bonus percentages. The bonus must be paid within 80 days of the accounting year close and employees can make recovery applications to the government if bonuses are not paid by employers within one year.
Payment of bonus n gratutity
The Payment of Bonus Act 1965 makes it mandatory for establishments meeting certain criteria to pay annual bonus to eligible employees. Key points include:
- Minimum bonus of 8.33% of wages or Rs. 100 must be paid regardless of profit/loss.
- Bonus is calculated based on allocable surplus which is a portion of available surplus (gross profit - depreciation, taxes).
- New establishments are subject to special provisions for first 7 years before full rules apply.
- Minimum and maximum bonus amounts, eligibility criteria, and enforcement mechanisms are defined.
The payment of Bonus Act- For CA-IPCC
The document provides information about payment of bonus under the Payment of Bonus Act, 1965. Some key points:
1. The Act applies to every factory and other establishments employing 20 or more people. It requires payment of minimum bonus of 8.33% of salary or Rs. 100, whichever is higher, even if there are losses or no allocable surplus.
2. If allocable surplus exceeds the minimum bonus amount, employers must pay bonus proportionate to salary, subject to a maximum of 20% of salary. Excess surplus can be carried forward for next 4 years.
3. Bonus must be paid within 8 months of the end of the accounting year. It can be extended up to 2
The payment of bonus act 1965
A bonus payment is usually made to employees in addition to their base salary as part of their wages or Salary. While the base salary usually is a fixed amount per month, bonus payments more often than not vary depending on known criteria, such as the annual turnover, or the net number of additional customers acquired, or the current value of the stock of a public company. Thus bonus payments can act as incentives for managers attracting their attention and their personal interest towards what is seen as gainful for their companies' economic success. There are widely‐used elements of pay for performance and working well in many instances, including when a fair share of an employees participation in the success of a company is desired. There are, however, problematic instances, most notably when bonus payments are high. When they are tied to possibly short-lived figures such as an increase in monthly turnover, or cash flow generated from an isolated marketing action, such figures often do not reflect a solid reliable win for a company, and they certainly do not reflect a manager's lasting efforts to the company's best. On the contrary, such figures are prone to being adjusted or even manipulated to the benefit of those employees who are responsible for reporting them, while they are already planning their leave with a golden handshake.
Payment of Bonus Act
This document summarizes key aspects of India's Payment of Bonus Act 1965. It outlines that the Act applies to factories and other establishments with 20 or more employees. It discusses how bonus is calculated based on allocable surplus and sets out limits on minimum and maximum bonus payable. Exceptions and penalties for non-compliance are also summarized.
Payment of bonus act 1965
The Payment of Bonus Act 1965 aims to provide for the payment of bonus to employees in certain establishments based on profits or productivity. It applies to establishments employing 20 or more persons. Eligible employees must have worked for at least 30 days in an accounting year and earn less than Rs. 3,500 per month. The minimum bonus is 8.33% of salary and the maximum is 20%. Bonus must be paid within 8 months of the accounting year in cash. Employers must maintain registers and file annual returns. Non-compliance can result in fines or imprisonment. Bonus is calculated based on available surplus after accounting for profits, taxes, and other amounts as specified in the Act.
Bonus Act
The document outlines India's Payment of Bonus Act regarding employee bonuses. It states that employees are eligible for bonuses after working 30 days in an accounting year. Employees can be disqualified for fraud, violence, or theft. Employers must pay a minimum bonus of 8.33% of wages or 100 rupees. If surplus is higher, bonus can be up to 20% of wages. Bonuses must be paid within 8 months of the accounting year end. Employers can be compelled to pay unpaid bonuses as an arrears of land revenue. Certain classes of employees like seamen are excluded from the Act.
Ppt on payment of bonus act 1965
The Payment of Bonus Act, 1965 applies to factories and establishments with 20 or more employees. It requires the payment of an annual bonus to eligible employees based on profits. Eligible employees earn a minimum bonus of 8.33% of wages up to Rs. 10,000 per month or Rs. 100, whichever is higher. The maximum bonus is 20% of wages. The Act outlines procedures for calculating available surplus, allocable surplus, and set-on and set-off amounts to determine bonus payable each year. Employers must pay bonus within 8 months and maintain records subject to inspection.
Payment of bonus act
The Payment of Bonus Act 1965 provides for the payment of bonus to employees in certain establishments based on profits or productivity. The Act applies to factories and other establishments with 20 or more employees. All employees earning up to Rs. 10,000 per month who have worked for at least 30 days in an accounting year are eligible for bonus payments. Bonus must be paid within 8 months of the close of the accounting year or within 1 month of an industrial dispute settlement related to bonus payments, unless an extension is applied for. Employees may be disqualified from receiving bonus if dismissed for fraud, violence, theft, or sabotage.
Payment of bonus act
This document provides an overview of the Payment of Bonus Act of 1965 in India. The key points are:
1) The Act requires employers in factories and other establishments with 20 or more employees to pay an annual bonus to eligible employees based on profits or productivity.
2) It applies to employees earning up to Rs. 3,500 per year and who have worked at least 30 days. Certain classes of employees like seamen are exempted.
3) Employers must pay the bonus within 8 months of the accounting year closing and calculate it based on factors like profits, productivity, and number of employees. The Act defines various related terms.
Payment of bonus act
The document summarizes key sections (15, 16, 17) of the Payment of Bonus Act, 1965 in India.
Section 15 discusses setting on and setting off of allocable surplus between accounting years, allowing surplus bonus amounts to be carried forward up to 4 years. Section 16 provides special provisions for newly established establishments, with bonus only payable from the first year of profit and a modified set on/set off process for years 5-7. Section 17 allows employers to deduct customary or interim bonuses already paid from statutory bonuses due.
Payment of Bonus Act,1965 by Jamal
The ppt has been prepared to deliver lecture in the class.
It is not sufficient without appropriate presentation by a presenter to explain the text on slide.
Some places presenter has presented own idea.
Bonus Act 1965 1
The Indian Bonus Act of 1965 provides for the payment of an annual bonus to employees in certain establishments based on profits or productivity. It applies to factories employing 20 or more people and other establishments employing 20 or more people. It entitles eligible employees who have worked for at least 30 days in an accounting year to a minimum of 8.33% of their salary as a bonus and up to a maximum of 20% based on the allocable surplus of the establishment. The Act outlines procedures for calculating bonus amounts and resolving disputes. It also establishes penalties for non-compliance by employers.
Amendment in payment of bonus act
The Key Changes in The Payment of Bonus (Amendment),Act 2015
(a) The official amendment provides that the benefits of the Act would be deemed to have come into force on April 1, 2014, instead of April 1, 2015.
(b) The employee’s eligibility limit enhanced from Salary of Rs.10000/- Per Month to Rs.21000/- Per Month w.e.f. 1st April 2014.
(c) The BONUS calculation ceiling limit enhanced from Rs.3500/- Per Month to Rs.7000/- Per Month or the minimum wages for the scheduled employment, as fixed by the appropriate Government, whichever is higher w.e.f. 1st April 2014.
The official amendment provides that the benefits of the Act would be deemed to have come into force on April 1, 2014, instead of April 1, 2015.
Main payment-of-bonus-act-1965-12-phpapp02
Notes For ca cpt students - Prudhvi....
this notes was copied by so many lecturers in andhra pradesh , especially in Sri Medha & Master Minds
Profession Tax in Indian states
The document provides information on profession tax regulations across various states in India, including tax slabs, payment and return filing due dates, and definitions of salary. It covers states like Andhra Pradesh, Assam, Bihar, Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, and Manipur. Key details like tax rates, forms to be used, and recent amendments are mentioned for profession tax administration in each state.
BONUS ACT (HRM)
This document provides an overview of the Indian Bonus Act of 1965. Some key points:
- The Act was passed to provide for the payment of bonus to employees in certain establishments based on profits or production.
- It applies to factories and other establishments with 20 or more employees.
- Eligible employees must have worked at least 30 days in an accounting year to qualify for bonus.
- Bonus is calculated based on allocable surplus, with a minimum of 8.33% of wages and maximum of 20% of wages.
- Any disputes around bonus payments are treated as industrial disputes and can be referred to labor courts.
- The Act establishes requirements for maintenance of registers and records by employers and provides
Amit 4001
The Payment of Bonus Act, 1965 establishes rules for paying annual bonuses to employees in India. It aims to encourage productivity and help maintain harmony between employers and employees. The Act applies to factories and establishments with 20 or more employees. It defines key terms, sets eligibility criteria for receiving bonuses, and determines how bonuses should be calculated based on profits. It also establishes procedures for payment of bonuses within set timeframes, special provisions for new establishments, inspection powers, and potential exemptions. The Act has undergone several amendments and is intended to benefit both employers and employees.
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Get ALL 3 types of your employees to engage as advocates!
The document identifies three types of employees and strategies to engage each as advocates on social media. The three types are: 1) those who love their job, 2) those who are content but not passionate, and 3) those who are unhappy. To engage type 1, make sharing content easy. For type 2, give them a voice and help them feel valued. With type 3, use gamification and rewards to motivate greater engagement and move them up a leaderboard. The overall goal is to realize employees' potential as advocates and transform their outlooks.
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Payment Of Bonus Act
The Payment of Bonus Act, 1965 provides for the payment of bonus to employees in establishments employing 20 or more persons based on profits or productivity. It applies to employees earning up to Rs. 10,000 per month who have worked for at least 30 days. Bonus must be between 8.33% to 20% of salary, with a maximum of Rs. 8,400. Establishments must pay bonus from allocable surplus which is 60% of available surplus. New establishments are exempt for 5 years but must consider set on/off from the 6th year. Contracting out of bonus is prohibited.
Payment of bonus act
The document summarizes India's Payment of Bonus Act 1965. It defines bonus as a cash payment by employers to employees in addition to regular wages from company profits. The Act applies to factories and establishments with 20+ employees. It entitles all employees earning up to Rs. 10,000/month who worked for 30+ days to minimum bonus payment. The document outlines formulas for calculating bonus allocable surplus and details rights and responsibilities of employers and employees.
Payment Of Bonus Act,1965
The Payment of Bonus Act, 1965 applies to factories employing 20 or more people and requires the payment of an annual bonus. It mandates a minimum bonus of 8.33% of salary for employees earning up to Rs. 10,000 per month who worked for at least 30 days. Bonus amount is calculated based on factors like available surplus, allocable surplus, and maximum/minimum bonus percentages. The bonus must be paid within 80 days of the accounting year close and employees can make recovery applications to the government if bonuses are not paid by employers within one year.
Payment of bonus n gratutity
The Payment of Bonus Act 1965 makes it mandatory for establishments meeting certain criteria to pay annual bonus to eligible employees. Key points include:
- Minimum bonus of 8.33% of wages or Rs. 100 must be paid regardless of profit/loss.
- Bonus is calculated based on allocable surplus which is a portion of available surplus (gross profit - depreciation, taxes).
- New establishments are subject to special provisions for first 7 years before full rules apply.
- Minimum and maximum bonus amounts, eligibility criteria, and enforcement mechanisms are defined.
The payment of Bonus Act- For CA-IPCC
The document provides information about payment of bonus under the Payment of Bonus Act, 1965. Some key points:
1. The Act applies to every factory and other establishments employing 20 or more people. It requires payment of minimum bonus of 8.33% of salary or Rs. 100, whichever is higher, even if there are losses or no allocable surplus.
2. If allocable surplus exceeds the minimum bonus amount, employers must pay bonus proportionate to salary, subject to a maximum of 20% of salary. Excess surplus can be carried forward for next 4 years.
3. Bonus must be paid within 8 months of the end of the accounting year. It can be extended up to 2
The payment of bonus act 1965
A bonus payment is usually made to employees in addition to their base salary as part of their wages or Salary. While the base salary usually is a fixed amount per month, bonus payments more often than not vary depending on known criteria, such as the annual turnover, or the net number of additional customers acquired, or the current value of the stock of a public company. Thus bonus payments can act as incentives for managers attracting their attention and their personal interest towards what is seen as gainful for their companies' economic success. There are widely‐used elements of pay for performance and working well in many instances, including when a fair share of an employees participation in the success of a company is desired. There are, however, problematic instances, most notably when bonus payments are high. When they are tied to possibly short-lived figures such as an increase in monthly turnover, or cash flow generated from an isolated marketing action, such figures often do not reflect a solid reliable win for a company, and they certainly do not reflect a manager's lasting efforts to the company's best. On the contrary, such figures are prone to being adjusted or even manipulated to the benefit of those employees who are responsible for reporting them, while they are already planning their leave with a golden handshake.
Payment of Bonus Act
This document summarizes key aspects of India's Payment of Bonus Act 1965. It outlines that the Act applies to factories and other establishments with 20 or more employees. It discusses how bonus is calculated based on allocable surplus and sets out limits on minimum and maximum bonus payable. Exceptions and penalties for non-compliance are also summarized.
Payment of bonus act 1965
The Payment of Bonus Act 1965 aims to provide for the payment of bonus to employees in certain establishments based on profits or productivity. It applies to establishments employing 20 or more persons. Eligible employees must have worked for at least 30 days in an accounting year and earn less than Rs. 3,500 per month. The minimum bonus is 8.33% of salary and the maximum is 20%. Bonus must be paid within 8 months of the accounting year in cash. Employers must maintain registers and file annual returns. Non-compliance can result in fines or imprisonment. Bonus is calculated based on available surplus after accounting for profits, taxes, and other amounts as specified in the Act.
Bonus Act
The document outlines India's Payment of Bonus Act regarding employee bonuses. It states that employees are eligible for bonuses after working 30 days in an accounting year. Employees can be disqualified for fraud, violence, or theft. Employers must pay a minimum bonus of 8.33% of wages or 100 rupees. If surplus is higher, bonus can be up to 20% of wages. Bonuses must be paid within 8 months of the accounting year end. Employers can be compelled to pay unpaid bonuses as an arrears of land revenue. Certain classes of employees like seamen are excluded from the Act.
Ppt on payment of bonus act 1965
The Payment of Bonus Act, 1965 applies to factories and establishments with 20 or more employees. It requires the payment of an annual bonus to eligible employees based on profits. Eligible employees earn a minimum bonus of 8.33% of wages up to Rs. 10,000 per month or Rs. 100, whichever is higher. The maximum bonus is 20% of wages. The Act outlines procedures for calculating available surplus, allocable surplus, and set-on and set-off amounts to determine bonus payable each year. Employers must pay bonus within 8 months and maintain records subject to inspection.
Payment of bonus act
The Payment of Bonus Act 1965 provides for the payment of bonus to employees in certain establishments based on profits or productivity. The Act applies to factories and other establishments with 20 or more employees. All employees earning up to Rs. 10,000 per month who have worked for at least 30 days in an accounting year are eligible for bonus payments. Bonus must be paid within 8 months of the close of the accounting year or within 1 month of an industrial dispute settlement related to bonus payments, unless an extension is applied for. Employees may be disqualified from receiving bonus if dismissed for fraud, violence, theft, or sabotage.
Payment of bonus act
This document provides an overview of the Payment of Bonus Act of 1965 in India. The key points are:
1) The Act requires employers in factories and other establishments with 20 or more employees to pay an annual bonus to eligible employees based on profits or productivity.
2) It applies to employees earning up to Rs. 3,500 per year and who have worked at least 30 days. Certain classes of employees like seamen are exempted.
3) Employers must pay the bonus within 8 months of the accounting year closing and calculate it based on factors like profits, productivity, and number of employees. The Act defines various related terms.
Payment of bonus act
The document summarizes key sections (15, 16, 17) of the Payment of Bonus Act, 1965 in India.
Section 15 discusses setting on and setting off of allocable surplus between accounting years, allowing surplus bonus amounts to be carried forward up to 4 years. Section 16 provides special provisions for newly established establishments, with bonus only payable from the first year of profit and a modified set on/set off process for years 5-7. Section 17 allows employers to deduct customary or interim bonuses already paid from statutory bonuses due.
Payment of Bonus Act,1965 by Jamal
The ppt has been prepared to deliver lecture in the class.
It is not sufficient without appropriate presentation by a presenter to explain the text on slide.
Some places presenter has presented own idea.
Bonus Act 1965 1
The Indian Bonus Act of 1965 provides for the payment of an annual bonus to employees in certain establishments based on profits or productivity. It applies to factories employing 20 or more people and other establishments employing 20 or more people. It entitles eligible employees who have worked for at least 30 days in an accounting year to a minimum of 8.33% of their salary as a bonus and up to a maximum of 20% based on the allocable surplus of the establishment. The Act outlines procedures for calculating bonus amounts and resolving disputes. It also establishes penalties for non-compliance by employers.
Amendment in payment of bonus act
The Key Changes in The Payment of Bonus (Amendment),Act 2015
(a) The official amendment provides that the benefits of the Act would be deemed to have come into force on April 1, 2014, instead of April 1, 2015.
(b) The employee’s eligibility limit enhanced from Salary of Rs.10000/- Per Month to Rs.21000/- Per Month w.e.f. 1st April 2014.
(c) The BONUS calculation ceiling limit enhanced from Rs.3500/- Per Month to Rs.7000/- Per Month or the minimum wages for the scheduled employment, as fixed by the appropriate Government, whichever is higher w.e.f. 1st April 2014.
The official amendment provides that the benefits of the Act would be deemed to have come into force on April 1, 2014, instead of April 1, 2015.
Main payment-of-bonus-act-1965-12-phpapp02
Notes For ca cpt students - Prudhvi....
this notes was copied by so many lecturers in andhra pradesh , especially in Sri Medha & Master Minds
Profession Tax in Indian states
The document provides information on profession tax regulations across various states in India, including tax slabs, payment and return filing due dates, and definitions of salary. It covers states like Andhra Pradesh, Assam, Bihar, Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, and Manipur. Key details like tax rates, forms to be used, and recent amendments are mentioned for profession tax administration in each state.
BONUS ACT (HRM)
This document provides an overview of the Indian Bonus Act of 1965. Some key points:
- The Act was passed to provide for the payment of bonus to employees in certain establishments based on profits or production.
- It applies to factories and other establishments with 20 or more employees.
- Eligible employees must have worked at least 30 days in an accounting year to qualify for bonus.
- Bonus is calculated based on allocable surplus, with a minimum of 8.33% of wages and maximum of 20% of wages.
- Any disputes around bonus payments are treated as industrial disputes and can be referred to labor courts.
- The Act establishes requirements for maintenance of registers and records by employers and provides
Amit 4001
The Payment of Bonus Act, 1965 establishes rules for paying annual bonuses to employees in India. It aims to encourage productivity and help maintain harmony between employers and employees. The Act applies to factories and establishments with 20 or more employees. It defines key terms, sets eligibility criteria for receiving bonuses, and determines how bonuses should be calculated based on profits. It also establishes procedures for payment of bonuses within set timeframes, special provisions for new establishments, inspection powers, and potential exemptions. The Act has undergone several amendments and is intended to benefit both employers and employees.
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Labour laws - India
This document provides a checklist of key aspects of two important Indian labour laws:
1. The Apprentices Act, 1961 which aims to regulate apprenticeship training and promote skilled labour. It details qualifications for apprentices, obligations of employers and apprentices, regulation of contracts and compensation.
2. The Contract Labour (Regulation & Abolition) Act, 1970 which regulates employment of contract labour in certain establishments and provides for registration of contractors and establishments, welfare measures for contract workers and prohibition of contract labour in some cases. It gives powers to appropriate state governments to regulate and abolish contract labour.
labour laws in india
indian labour law. labour law is body of law that deals with relationshio between and among emlpoyers, employees and labour organization.
Holiday Pay
Holiday Pay: Regular Holidays. During holidays in the Philippines, Labor Law prescribes payment of holiday pay - even if no work is done. If work is done, the wage rate will be twice than the regular rate. If work is done on a double holiday, the wage rate will be thrice than the regular rate.
CP Knowledge: Labour Laws in India
The document discusses key labour laws in India that regulate various aspects of industry and employment. It outlines laws related to industrial safety and health, regulatory compliance, industrial relations, wages, social security, and protections for unorganized labour. Some of the major acts mentioned include the Factories Act, 1948, Minimum Wages Act, 1948, Industrial Disputes Act, 1947, Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and Contract Labour (Regulation and Abolition) Act, 1970. The document provides an overview of the classification and scope of key labour laws in India.
Overtime Pay
Overtime pay refers to additional compensation for work performed beyond eight hours a day. All employees are entitled to overtime pay except certain government employees, managers, and other exemptions. The overtime rates are 25% of the hourly rate for work beyond eight hours on a regular work day, 30% of the hourly rate for work on rest days or special days, and 30% for work on holidays. Certain employees and employers may stipulate different overtime rates in collective bargaining agreements.
Kinds of Employees
Kinds of Employees: Types of Employment Arrangements. Philippine Labor Law recognizes various employment contracts, namely: regular, probationary, casual, project, seasonal, fixed-term.
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redr...
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The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Sexual Harassment at The Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013 have been notified by the ministry of WCD. The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 is a legislative act in India that seeks to protect women from sexual harassment at their place of work. It was passed by the Lok Sabha (the lower house of the Indian Parliament) on 3 September 2012. It was passed by the Rajya Sabha (the upper house of the Indian Parliament) on 26 February 2013. The Bill got the assent of the President on 23 April 2013.The Act came into force from 9 December 2013.Labour reforms, 31st dec, 2015
Labour Laws Covered in Reforms
The Employee’s Compensation Act, 1923
The Industrial Disputes Act, 1947
The Minimum Wages Act, 1948
The Contract Labour (Regulation and Abolition) Act, 1970
The Payment Of Bonus Act, 1965
The Unorganized Worker Social Security Act, 2008
The Payment Of Gratuity Act, 1972
The Motor Transport Worker Act, 1961
The Beedi Cigar Worker’s (Condition Of Services) Act, 1966
The Equal Remuneration Act, 1976
The Factories Act, 1948
The Building And Other Construction Workers (Regulation Of Employment And Conditions Of Services) Act, 1996
Factories Act, 1948
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Labour laws in india
This document discusses labour laws in India. It defines labour law as laws addressing legal rights and restrictions of workers and unions. Labour laws aim to reduce differences between employers and employees to promote industrial and economic growth. Key labour laws cover industrial relations, wages, working conditions, social security, and equality. Both central and state governments can enact labour legislation according to the Indian constitution. Company secretaries play an important role in ensuring compliance with India's extensive labour law framework to facilitate good governance and satisfy stakeholders.
Payment of wages act 1936
The Payment of Wages Act, 1936 applies to the payment of wages in factories, railways, and other establishments. It makes the employer responsible for ensuring timely payment of wages. Wages must be paid within 7-10 days of the end of the wage period, which cannot exceed one month. Deductions from wages are only allowed in certain specified cases like fines, deductions for housing, etc. The Act requires maintenance of registers and provides for inspection of premises and enforcement through penalties for non-compliance.
Minimum Wages Act, 1948
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Standing orders act
The document discusses the Industrial Employment (Standing Orders) Act, 1946 which was enacted in India to define the terms and conditions of employment in industrial establishments.
The key objectives of the Act were to curb exploitation of employees by employers, bring uniformity in conditions of service across different establishments in the same industry, and ensure employees are made aware of their terms and conditions before accepting employment.
The Act applies to establishments employing 100 or more workers and requires employers to submit draft standing orders covering matters listed in a schedule to the Act to the certifying officer for certification. The certifying officer reviews the draft orders for fairness, reasonableness and conformity with the Act before certification.
Important labour laws in india
An introduction to the most important labour laws in India. The presentation gives just an idea of what is the Act all about. It acts like a handbook to a budding HR executive.
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Salaries in the baltic_states_september_2015_publishing
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Similar to Payment Of Bonus Act 1965
TDS and advance tax.pptx
TDS (Tax Deducted at Source) is a mechanism under the Indian Income Tax Act of 1961 to collect income tax by deducting taxes from certain payments made. For example, Shine Pvt Ltd must deduct TDS of 10% from the monthly rent of Rs. 80,000 paid to the owner of the property they lease. The owner receives the net payment of Rs. 72,000 and can claim credit for the TDS of Rs. 8,000 against their final tax liability. Different sections of the Indian Income Tax Act specify TDS rates and procedures for deducting TDS from salaries, interest, provident fund withdrawals, lottery winnings, and other payments.
HR Bonus, HR Courses In pune, HR Training
The Payment of Bonus Act, 1965 aims to provide payment of bonus to employees in certain establishments based on profits or productivity. It applies to factories and establishments with 20 or more employees. Eligible employees must have worked for at least 30 days in the year. Bonus is calculated based on the available and allocable surplus of the establishment. The minimum bonus is 8.33% of wages and maximum is 20%. Records must be maintained in Forms A, B, and C. Ex-gratia payments are made voluntarily without legal obligation, often along with bonus payments.
Implementation of “the payment of bonus (amendment) act, 2015”
As per the payment of Bonus at 1965, 1st five years, Bonus is paid based on profit earned by the company during
the financial year. Post 5 year i.e financial years of every organization having more than 10 employees required to pay a
minimum bonus of 8.33% was assured irrespective of profit earned or not. If the profitability of the organization is
substantially high & more than allocable surpluses in that case orgnisation have to pay maximum bonus is fixed at 20% and
the balance is carried forward as “set-on” to cater the emergency for next years. As per the Bonus act amendment 2015, the
bonus increase was declared retrospectively. Once the bonus is paid based on profit, after negotiation with employee’s
representative, making it retrospective will make the additional burden on the employer. Therefore, the same is not fair and
stay on retrospective effect is granted by Karnataka, Madras and few other High Courts. In addition, the bonus calculation
is linked to Minimum wage. Since the minimum wage differs from state-to-state; within the state zone-to-zone and industryto-
industry, bonus payment based on minimum wage will not be uniform within the state, region, and industry. Therefore,
linking of minimum wage act with bonus act will lead to disputes in the industry.
Essential labour laws for entrepreneurs
This material is for PGPSE / CSE students of AFTERSCHOOOL. PGPSE / CSE are free online programme - open for all - free for all - to promote entrepreneurship and social entrepreneurship PGPSE is for those who want to transform the world. It is different from MBA, BBA, CFA, CA,CS,ICWA and other traditional programmes. It is based on self certification and based on self learning and guidance by mentors. It is for those who want to be entrepreneurs and social changers. Let us work together. Our basic idea is that KNOWLEDGE IS FREE & AND SHARE IT WITH THE WORLD
Essential labour laws for entrepreneurs
This document provides a summary of key labour laws in India for entrepreneurs, including the Payment of Bonus Act, Employees' Provident Funds and Miscellaneous Provisions Act, Workmen's Compensation Act, Minimum Wages Act, and an overview of how minimum wages are determined. Key points covered include requirements around paying bonuses, managing provident funds, reporting workplace accidents, minimum compensation amounts, and fixing minimum wages through committees or government notifications. The document aims to educate entrepreneurs on their essential responsibilities under major Indian labour laws.
Payment of Bonus Act 1965
This document provides an overview of the Payment of Bonus Act 1965 in India. Some key points:
- The Act requires companies with 20+ employees to pay annual bonuses to eligible employees based on profits or productivity. Eligible employees earn less than 10,000 rupees per month.
- Calculation of available surplus funds and allocable surplus determine the bonus amount payable. Minimum bonus is 8.33% of wages, maximum is 20%.
- Amendments in 2007 raised the eligibility limit to 10,000 rupees per month and calculation ceiling to 3,500 rupees per month.
- Several court cases have clarified provisions around what is considered "wages", treatment
The Payment of Bonus act, 1965
The Payment of Bonus act, 1965. this PPT has inclusion recent amendments and is done from the view point of students. If anything has been missed out, do let us know through comments.
ThankYou
I N C O M E T A X L A W O F I N D I A
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various types of compensation, benefits, and loans provided by employers.
Income Tax Law Of India
The document provides an overview of key concepts in India's income tax law, including definitions of common terms like person, assessee, income, residential status, taxable income heads, and tax exemptions. It summarizes procedures for determining tax liability and exemptions for various types of retirement payments like gratuity, pension, and leave encashment.
Industrial Development & Regulation Act & Other Business Laws
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various income types like salary, pension, leave encashment, gratuity, and perquisites. It also summarizes exemptions available under the law.
` H O W T O W I N D U P A S I C K C O M P A N Y
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various income types like salary, pension, leave encashment, gratuity, and perquisites. It also summarizes exemptions available under the law.
Income tax law of india
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and whether certain types of income and benefits are taxable or tax-exempt.
Budget 2019
The document summarizes major tax proposals in the Indian Budget 2019. Some key points include:
1. The corporate tax rate has been reduced to 25% for companies with annual turnover less than Rs. 400 crore.
2. Surcharge rates on individuals/HUF/AOP/BOI have been increased based on total income.
3. TDS of 2% will now be deducted on cash withdrawals exceeding Rs. 1 crore from a bank account.
4. Businesses with over Rs. 50 crore turnover must provide payment options using electronic modes like UPI, QR codes.
5. Interest deduction on loans from NBFCs will now only be allowed if
Employee’s provident funds and miscellaneous act,1952 copy
This document discusses India's Employee Provident Funds and Miscellaneous Provisions Act of 1952. It applies to factories and establishments with 20 or more employees. It establishes mandatory contributions by employees and employers to funds for employees' provident funds, pension funds, and insurance. Employees can withdraw funds under certain circumstances like retirement, unemployment, or for purposes like education or home construction. The process for online withdrawal requires verifying identification details in the Universal Account Number portal. Employers have responsibilities like registering applicable establishments; deducting, contributing and remitting employee and employer funds; and ensuring employee details are updated.
Sections of TDS.pptx
1. Sections of the Income Tax Act outline tax deductions for various types of payments including fees for professional services, technical services, purchase of goods over Rs. 50 lakhs, payments to contractors, and rent.
2. Tax deductions rates range from 1-10% depending on the type of payment and recipient. Payments to individuals are generally taxed at a lower rate than payments to other entities.
3. Certain payments like rent are only taxed if the annual aggregate amount exceeds Rs. 2.4 lakhs.
Fbr functions, numericals, salary slip, tax rates 2020, type of funds
This document contains information about taxes in Pakistan, including:
- The core functions of the Federal Board of Revenue (FBR), such as broadening the tax base by identifying new taxpayers.
- The difference between gratuity and provident funds, where gratuity is a one-time payment given after 5+ years of service, while provident funds require contributions from both employers and employees for retirement benefits.
- Examples calculating taxable income and tax liability from salary income based on tax rates in Pakistan.
202004181551451231richa_MBA_Payment_of_Bonus_Act.pdf
The Payment of Bonus Act, 1965 aims to regulate the payment of annual bonuses to employees in Indian companies and establishments. The key points of the act are:
1) It requires companies with 20 or more employees to pay annual bonuses based on profits to reward employees and improve productivity.
2) Bonuses must be between 8.33% of wages (minimum of INR 100) and 20% of wages, not exceeding INR 7,000 per month.
3) Eligible employees must have worked at least 30 days in a year. Newly established companies have additional provisions for paying bonuses.
4) The act extends to all of India and covers factories, establishments, and most companies except for certain
thepaymentofbonusact1965-150313045542-conversion-gate01 (1).pdf
The Payment of Bonus Act, 1965 requires employers in India to pay annual bonus to eligible employees based on profits. It applies to factories and other establishments with 20 or more employees. The minimum bonus is 8.33% of salary or Rs. 100, whichever is higher. The maximum bonus is 20% of salary. Employers must calculate bonus using a specified formula and maintain registers showing computations. The Act establishes rights for employees to claim unpaid bonus and resolve disputes, and penalties for employers who violate the Act.
The Code on Wages, 2019 - Part III
Key Takeaways:
- Constitution of Central and State Advisory Boards
- Payment of dues and claims by employer
- Audit of employer's accounts
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Implementation of “the payment of bonus (amendment) act, 2015”
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Payment Of Bonus Act 1965
- 1. PAYMENT OF BONUS ACT 1965 by : DR. T.K. JAIN AFTERSCHO ☺ OL centre for social entrepreneurship sivakamu veterinary hospital road bikaner 334001 rajasthan, india www.afterschoool.tk mobile : 91+9414430763
- 2. What is available surplus? It is the profit that can be distributed to the workers. It has to be calculated as per the provisions of payment of Bonus Act. It is profit which can be distributed. Out of Available surplus, we will find allocable surplus. While calculating available surplus, we have to allow expenditure, depreciation etc. As per Income tax rules.
- 3. WHAT IS ALLOCABLE SURPLUS 1. in relation to an employer, being a company (other than a banking company) which has not made the arrangements prescribed under the Income-tax Act for the declaration and payment within India of the dividends payable out of its profits in accordance with the provisions of Section 194 of that Act, sixty-seven per cent of the available surplus in an accounting year; 2. in any other case sixty per cent of such available surplus. [Section 2(4)]
- 4. WHO CAN GET BONUS? As per section 2(13) and sec. 8, every worker / employee drawing upto 3500 per month is entitled to get bonus. As per court judgements, even part time worker, temporary worker and retrenched worker will also get bonus.
- 5. Exempted organisations As per section 32, LIC, red cross, merchant company, local authorities, government departments, etc are exemmpted. Labour laws dont apply to army / security personnel. Some financial institutions like UTI, IFCI etc. Are also exempted from the provisions of this act.
- 6. How to calculate allocable surplus? 1. calculate gross profit as per section 4. 2. allow deductions as per sec. 6. 3. carry out set on or set off as per section 10, and 15.
- 7. What is set off? Suppose you dont have sufficient profit, you still have to pay bonus, this amount is set off to be adjusted against future profits (carried forward)
- 8. What is set on? After making all the adjustments, we can make payment of bonus (minimum bonus is 8.33% and maximum bonus 20% p.a. Of salary / wages), if we have surplus profit left, we can keep it for future, this is called set on – it can be used in next 4 years.
- 9. example... Gross profit 200, permissible exp. 40, depreciation 20, income tax : 20%, payments to workers 10. solution : (200 – 40 – 20) = 140 less tax : = 140-28= 112 60% is allocable surplus : 67 bonus to be given : 20% of 10 = 2. amount left : 67-2 = 65, the firm can set on for 4 years: Rs. 8. answer
- 10. Other provisions... Sec. 17 : employer can deduct custom bonus (like Diwali bonus) from the bonus payable under the act Sec. 18 : deductions for penalty on workers are permitted from bonus Sec. 19: time limit to pay bonus : 8 months. Sec 21 : employee can claim bonus – in 1 year from due date.
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