PAYMENT OF BONUS ACT, 1965

[21 OF 1965]

 

Section - 1 Short title, extent and application

Section - 2 Definitions

Section - 3 Establishments to include departments, undertakings and branches

Section - 4 Computation of gross profits

Section - 5 Computation of available surplus

Section - 6 Sums deductible from gross profits

Section - 7 Calculation of direct tax payable by the employer

Section - 8 Eligibility for bonus

Section - 9 Disqualification for bonus

Section – 10 Payment of minimum bonus

Section - 11 Payment of maximum bonus

Section - 12 Calculation of bonus with respect to certain employees

Section - 13 Proportionate reduction in bonus in certain cases

Section - 14 Computation of number of working days

Section - 15 Set on and set off of allocable surplus

Section - 16 Special provisions with respect to certain establishments

Section - 17 Adjustment of customary or interim bonus against bonus payable under the Act

Section - 18 Deduction of certain amounts from bonus payable under the Act

Section - 19 Time-limit for payment of bonus

Section - 20 Application of Act to establishments in public sector in certain cases

Section - 21 Recovery of bonus due from an employer

Section - 22 Reference of disputes under the Act

Section - 23 Presumption about accuracy of balance-sheet and profit and loss account of corporations and companies

Section - 24 Audited accounts of banking companies not to be questioned

Section - 25 Audit of accounts of employers, not being corporations or companies

Section - 26 Maintenance of registers, records, etc

Section - 27 Inspectors

Section - 28 Penalty

Section - 29 Offences by companies

Section - 30 Cognizance of offences

Section - 31 Protection of action taken under the Act

Section – 31A Special provision with respect to payment of bonus linked with production or productivity

Section - 32 Act not to apply to certain classes of employees

Section - 33 Act to apply to certain pending disputes regarding payment of bonus

Section - 34 Effect of laws and agreements inconsistent with the Act

Section - 35 Saving

Section - 36 Power of exemption

Section - 37 Power to remove difficulties

Section - 38 Power to make rules

Section - 39 Application of certain laws not barred

Section - 40 Repeal and saving

SCH I COMPUTATION OF GROSS PROFITS

SCH II Computation of Gross Profits

SCH III THIRD SCHEDULE 

SCH IV FOURTH SCHEDULE

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We are team of professionals having vast experience in business setup and post compliances. We have helped hundreds of business in their set up and compliances. We use this knowledge and expertise to help our clients to take their business to the next level with results driven solutions.

OUR VISION

We believe in offering top quality and timely services. “To be a quality service provider, supporting global client base in their accounting, transaction, legal and taxation requirements.”We are a company of promise and possibilities. Each day represents a fresh opportunity to share Our Vision.

OUR MISSION

Our mission is to provide One-Stop solution to our clients for their business, financial and regulatory requirements.
We focus on timely, innovative, proactive and independent assurance, financial and tax services to our client and optimize stakeholders' value.

OUR OBJECTIVE

Our objective is to create and sustain long term relationship with our clients and provide one stop solutions for their requirements.

Our employees ideas and inspiration create opportunities constantly, and without limits.


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Taxation

Enhancing a stakeholder value is a fundamental concept, which drives every management effort in the modern business environment. Progressive and bottom – line focused managements have realized that taxes should be viewed as a dynamic item of cost, rather than a passive charge on the profits....

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Advisory Service

Managing Risk to enhance performance to truly manage risk, it is vital to enable the right frameworks. We help enhance your business performance by building strong risk management frameworks into the very core of your business processes. This enables us to minimize...

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Assurance

Our assurance services include Statutory audit, Tax audit and Special audits. We carry out audit of financial statements prepared in accordance with various GAAP's (IGAAP/US GAAP / IFRS / other international GAAP) under applicable auditing standards. Our audit methodology is compliant...

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