Bonus act 2015

The amendments have increased the wage threshold for determining applicability of the Act from INR 10to INR 20per month. In accordance with the terms of the Principal Act , every employee who draws a salary of INR 10or below per month and who has worked. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. The Bill seeks to increase this eligibility limit to Rs 20per month. Basic Min Wages Calculation ?

Where we have to consider Rs. The Act provides for the annual payment of bonus to employees of certain establishments (including factories and establishments employing or more persons). A copy of the Gazette of India dated 1. Eligibility limit has been increased from Rs. Earlier bonus act was only applicable to employees earning up to Rs.

By amending Section 2(13) of the Principal Act , the Amendment Act has now widened the scope of employees eligible for payment of bonus from those drawing salary of INR 10per month, to INR 20per month. But the act also introduced a new concept, qualified improvement property, which expands the availability of bonus depreciation. Under the PATH Act , Sec.

After the notification of the Amendment Act there was outcry all over the country specifically in the labour intensive industries. The Amendment Act amended Section 2(13) of the Principal Act to increase the eligibility limit of an employee from the current level of those who paid a salary or wages of Rs. Union Cabinet here,” a source said.

Bonus eligibility ceiling from Rs. The said Amendment Act provides for changes in the eligibility limit and calculation of bonus of the employees. Or the minimum wage for scheduled employment, as fixed by the appropriate Government, whichever is higher.

An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or on the basis of production or productivity and for matters connected therewith. According to this act , pay bonus to their employees based on their profitability each year. This was over and above their basic salaries.

The Act Applies to all Factories and every other establishments, which employs twenty or more workmen. 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. After independence of India large number of steps were taken by the Government of India to make it a Welfare State. As per amended Act more workers eligible for bonus due to raising of monthly maximum pay limit. Applicable funds: None of the funds originating from Section (HCV) or Section sources under the applicable appropriations act , as well as any other act , may be used to pay the salary (including any bonus ) of a “covered individual” at a rate in excess of the applicable salary limitation at the close of the PHA’s FY.

This post seeks to highlight a Bombay High Court decision on the matter. There are a panoply of tax breaks for which taxpayers may be entitled to for specifically defined categories of realty improvements. Submissions were made by the Petitioners that the Karnataka High Court , Allahabad High Court and other High Courts had granted stay to the retrospective application of the said Act.

Adjustment of customary or interim bonus against bonus payable under the Act. Deduction of certain amounts from bonus payable under the Act. Time-limit for payment of bonus.

Application of Act to establishments in public sector in certain cases. Recovery of bonus due from an employer. Reference of disputes under the Act.

Read more about Kerala High Court issues interim stay on retrospective amendment of bonus Act on Business Standard. Sub: INTERIM ORDER IN BONUS MATTER 1.