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Payment of Bonus Act 1965

Payment of Bonus Act 1965

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Published by KNOWLEDGE CREATORS
Payment of Bonus Act 1965
Payment of Bonus Act 1965

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Published by: KNOWLEDGE CREATORS on Jan 07, 2010
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07/31/2013

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5 DECEMBER 09www.afterschoool.tk1
PAYMENT OF BONUS ACT 1965
 by :DR. T.K. JAINAFTERSCHO
OLcentre for social entrepreneurshipsivakamu veterinary hospital road bikaner 334001 rajasthan, indiawww.afterschoool.tk mobile : 91+9414430763
 
5 DECEMBER 09www.afterschoool.tk2
What is available surplus?
It is the profit that can be distributed to theworkers. It has to be calculated as per the provisions of payment of Bonus Act. It is profitwhich can be distributed. Out of Availablesurplus, we will find allocable surplus. Whilecalculating available surplus, we have to allowexpenditure, depreciation etc. As per Incometax rules.
 
5 DECEMBER 09www.afterschoool.tk3
WHAT IS ALLOCABLESURPLUS
1. in relation to an employer, being a company (other than a banking company) which has not made the arrangements prescribed under the Income-tax Act for the declaration and payment within India of the dividends payable out of its profitsin accordance with the provisions of Section 194 of that Act,
 sixty-seven
 per cent of the available surplus in an accountingyear;2. in any other case
sixty
 per cent of such available surplus.[Section 2(4)]

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