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bonus act 1965

bonus act 1965

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Published by api-27133856
bonus act 1965
bonus act 1965

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Published by: api-27133856 on Oct 16, 2008
Copyright:Attribution Non-commercial

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03/18/2014

original

 
PAYMENT OF BONUS ACT, 1965
This Act may be called the Payment of Bonus Act,1965.It extends to the whole of Indiait shall apply toevery factory and every other establishmentin whichtwenty or more persons are employedGovernment may by notification apply this act to anyother establishment
 
definitions
"
accounting year 
"
means,-i) the year ending on the day on which the books andaccounts of the corporation are to be closed andbalanced;ii) in relation to a company, the period in respect of whichany profit and loss account of the company laid before itin annual general meeting is made up, whether thatperiod is a year or not,(iii) in any other case,-(a) the year commencing on the lst day of April; or (b) if the accounts of an establishment maintained by theemployer thereof are closed and balanced on any dayother than the 31st day of March, then, at the option of the employer, the year ending on the day on which itsaccounts are so closed and balanced
 
allocable surplus
"
allocable surplus
"
means,-(a) inrelation to an employer, being a company(other than a banking company) which has not made thearrangements prescribed under the Income Tax Act for the declaration and payment within India of the dividendspayable out of its profits in accordance with theprovisions of section 194 of that Act,sixty-seven per centof the available surplus in an accounting year;(b) in any other case,sixty per cent of such availablesurplus;

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