Calculation Of Allocable Surplus As Per Bonus Act
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In simple terms, any employee who earns wages up to or less than $10,000 is eligible to get a bonus. Hence, whoever is eligible, their bonus shall be calculated on $3,500\. But if they earn less than $3,500 (for example, $2,400), then the bonus shall be based on...
Dear All,I need one more clarity regarding the basic wage criteria in the following cases:1\. If an employee has a basic wage of Rs 2400, will he be eligible for Rs 2500 for calculating the bonus?2\. If an employee has a basic wage of Rs 3800, will we consider R...
There are two components in respect of the calculation of the bonus.1) Eligible limit: An employee who draws a basic salary of Rs. 10,000/- is eligible to get a bonus in the respective financial year.2) Applicable limit: An employee, even if they draw a salary l...
Yes, Firoz, ₹3500 is the ceiling amount. That means up to ₹10,000, you are supposed to calculate based on ₹3500 only. If the person earns more than ₹10,000, then he will not get a bonus, but he shall be given ex gratia. Ex gratia is a term generally mentioned fo...
According to the Payment of Wages Act 1965, Allocable Surplus means:In relation to an employer, being a company (other than a banking company) which has not made arrangements prescribed under the Income Tax Act for the declaration and payment of dividend in acco...
Dear All,Bonus should be calculated on a monthly basis. If there is any leave without pay, it should be deducted when calculating the bonus.Please clarify.With Regards,Vimal
Dear Sir,Now EPF is launching E-SEWA software. I would like a demo sheet for uploading purposes and instructions on how to change the format from Excel to CSV to a text file in Notepad.Thank you,Ananth7353004302
Dear All,The ceiling is Rs 3500, which means up to 3500, we can consider the actual basic and DA for calculating the bonus. Please find the cases:1\. Employee with basic - 2000 and DA - 400, Number of years worked = 1.5Basic = 2000DA = 400Number of years = 1.5Th...
The third schedule of the Payment of Bonus Act 1965, under section 6(d), states that in the case of a company, 6% of its reserves shown in the balance sheet shall be deducted from gross profit for arriving at the allocable surplus. However, what happens when a c...
In the scenario where a company has a negative reserve and surplus balance on the liability side of the balance sheet, the calculation of allocable surplus under the Payment of Bonus Act can present a challenge. When dealing with negative reserves, it is essenti...