Dear All,
I want to know that if the bonus limit is 3500Rs.(Basic+Da) if any employee work in our organisatiohn whose attandence is 18 days but his basic+d.a. is more than 3500 Rs. thn how to calculate the bonus. is we calculate on the basic of days (i.e. 3500 rs is for 30 days than how much for 18 days...) of we have to calculate on the basic of limit.. tell me asap.
Regards,
Mahesh
From India, Surat
15I want to know that if the bonus limit is 3500Rs.(Basic+Da) if any employee work in our organisatiohn whose attandence is 18 days but his basic+d.a. is more than 3500 Rs. thn how to calculate the bonus. is we calculate on the basic of days (i.e. 3500 rs is for 30 days than how much for 18 days...) of we have to calculate on the basic of limit.. tell me asap.
Regards,
Mahesh
From India, Surat
Dear Mahesh,
There is a latest ammendments happned in Bonus Act 1965 as per the ammendments The payment of Bonus Bills (2010) minimum bonus which is 8.33%shall be taking the max. salary or wage as Rs. 3500/-. The existing provisions are not adequate in the present scanario of the rising inflation.
The calculaton ceiling of bonus from Rs.3500/- to Rs.5000/- and enhance the minimum bonus payable from 8.33% to 11% of the salary or wage earned by the employee during the FY for which the bonus is being paid.
And a employee who has completed 30 days (i.e. if DOJ is equal or less than of
2nd March' 10) in any Accounting Year (2009-10) is eligible for bonus. And accordingly calculate the bonus for such cases but remember the ceiling of minimum bonus Basic+DA limit will not be higher than 1.20 pa
Regards/Dinesh
There is a latest ammendments happned in Bonus Act 1965 as per the ammendments The payment of Bonus Bills (2010) minimum bonus which is 8.33%shall be taking the max. salary or wage as Rs. 3500/-. The existing provisions are not adequate in the present scanario of the rising inflation.
The calculaton ceiling of bonus from Rs.3500/- to Rs.5000/- and enhance the minimum bonus payable from 8.33% to 11% of the salary or wage earned by the employee during the FY for which the bonus is being paid.
And a employee who has completed 30 days (i.e. if DOJ is equal or less than of
2nd March' 10) in any Accounting Year (2009-10) is eligible for bonus. And accordingly calculate the bonus for such cases but remember the ceiling of minimum bonus Basic+DA limit will not be higher than 1.20 pa
Regards/Dinesh
hi, can you pls tell me the when we have to submit bonus return? if it is of financial year than why companies submit it after sep
From India, Delhi
From India, Delhi
Dear Ready,
We have to submit the bonus annual returns on or before 30 dec. and second things that bonus have to be paid within eight month of after complitation of the financial year so we have to submit the return on or before the dec.
Regards,
Mahesh
From India, Surat
We have to submit the bonus annual returns on or before 30 dec. and second things that bonus have to be paid within eight month of after complitation of the financial year so we have to submit the return on or before the dec.
Regards,
Mahesh
From India, Surat
As per the Payment of Bonus Act & Rule 1965 , every employer has to send annual return inform D with 30 days from the ending of that particular accounting years. Accounting year starts from April to March.
Dear Dinesh,
I have some queries.
I think, the bill for Bonus Amendment 2010 is being passed in parliament but it has not got the approval by ministary and it is under consideration. After approval, the act will be amended accordingly and then only it will be effective with the declared date.
Because yet it has not being declared.
If I am wrong, please correct.
Regards,
Atul
From India, Sholapur
I have some queries.
I think, the bill for Bonus Amendment 2010 is being passed in parliament but it has not got the approval by ministary and it is under consideration. After approval, the act will be amended accordingly and then only it will be effective with the declared date.
Because yet it has not being declared.
If I am wrong, please correct.
Regards,
Atul
From India, Sholapur
Coverage of an employee under Payment of Bonus Act is Rs 10,000/-( Basic +DA). it means who are getting Basic + DA < Rs 10,000/ shall be eligible for payment of bonus. the calculation is always done on actual basic +da, or if basic +da is more then Rs 3500/-, still the calculation will be done on Rs 3500/-. i.e 8.33% of Rs 3500/-.
Now on your question if an employee have worked for 18 months in a particular month, there is loss of pay of 12 days. he got 18 days salary. If his this 18days salary is more than Rs 35,00/- in this case also it will be calculated on 3500/- but if his 18 days salary is less then on actual salary.
Hope satisfy you.
Now on your question if an employee have worked for 18 months in a particular month, there is loss of pay of 12 days. he got 18 days salary. If his this 18days salary is more than Rs 35,00/- in this case also it will be calculated on 3500/- but if his 18 days salary is less then on actual salary.
Hope satisfy you.
Dear Mahesh, The Bonus Amendment Act 2010 enhancing coverage limit to Rs. 15000, payment limit to Rs. 5000 & minimum to 11% are not enacted yet. As per the existing norms, the ceiling salary limit for bonus payment is Rs. 3500. If he has not full attendance, it can be calculated on pro-rata basis. For e.g, if some one has 6 months attendance and has an eligibility of minimum bonus, 3500x6/12 = 1750 is to be paid. However in a financial year minimum 30 days attendance is required for statutory eligibility. . . . . . Abbas.P.S
From India, Bangalore
From India, Bangalore
Hi my self rao, I have one minor doubt i.e. Bonus act is applicable to all over india right ??? or we have any sepreate act for each and state. Clarify my doubt. Bye regards, Rao
From India, Hyderabad
From India, Hyderabad
Dear Professionals,
we don't encourage spoon feeding. However, since these are days of bonus and allied issues,this time you are being helped.
Please read payment of Bonus Act,1965. Under the title qualification for Bonus. It provides that a worker is entitle for bonus provided he has worked for atleast 30 days during the concerned accounting year. Hence in this case, he is not at all entitled for receipt of bonus.
From India, Nagpur
we don't encourage spoon feeding. However, since these are days of bonus and allied issues,this time you are being helped.
Please read payment of Bonus Act,1965. Under the title qualification for Bonus. It provides that a worker is entitle for bonus provided he has worked for atleast 30 days during the concerned accounting year. Hence in this case, he is not at all entitled for receipt of bonus.
From India, Nagpur
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