The purpose of payment of bonus is to bridge the gulf between wages paid and ideal of a living wage. Chamber's Twentieth Century dictionery defines "bonus" as "a premium beyond the usual interest for loan: an extra dividend to shareholders: a policyholder's share of profit, an extra payment to workmen or others: a doceur or bribe". The term "bonus" has not been defined in any legislative enactment. Effect of laws and agreements inconsistent with the Act.ģ9. Act not to apply to certain classes of employees.ģ4. Special provision with respect to payment of bonus linked with production or productivity.ģ2. Protection of action taken under the Act.ģ1A. Maintenance of registers, records, etc.ģ1. Audit of accounts of employers, not being corporations or companies.Ģ6. Audited accounts of banking companies not to be questioned.Ģ5. Presumption about accuracy of balance-sheet and profit and loss account of corporations and companies.Ģ4. Recovery of bonus due from an employer.Ģ3. Application of Act to establishments in public sector in certain cases.Ģ1. Deduction of certain amounts from bonus payable under the Act.Ģ0. Adjustment of customary or interim bonus against bonus payable under the Act.ġ8. Special provisions with respect to certain establishments.ġ7. Set on and set off of allocable surplus.ġ6. Computation of number of working days.ġ5. Proportionate reduction in bonus in certain cases.ġ4. Calculation of bonus with respect to certain employees.ġ3.
Calculation of direct tax payable by the employer.ġ2.
Establishments to include departments, undertakings and branches.ħ. Interest will be Calculated as mentioned below: Unit A/103 has not paid April’s month Bill. In this case payment has been delayed by 15 days. Unit A/102 has paid Bill of 1000/- on 25th April. In this case, no interest is added and the bill of the month May will be of regular amount.
There is a common question regarding the calculation of Rate of interest on the pending society dues by the defaulters.
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