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THE FOURTH SCHEDULE – The Payment of Bonus Act, 1965

The Payment of Bonus Act, 1965

 

THE FOURTH SCHEDULE]

 

(See Secs. 15 and 16)

 

In this Schedule, the total amount of bonus equal to 8.33 per cent of the annual salary or wage payable to all the employees is assumed to be Rs.1,04,167. Accordingly, the maximum bonus to which all the employees are entitled to be paid (twenty per cent of the annual salary or wage of all the employees) would be Rs. 2,50,000.

 

 

Year

Amount equal to sixty percent or sixty-seven percent, as the case may be, or available surplus allocable as bonus.

Amount payable as bonus

Set on or set off the year carried forward

Total set on or set off carried forward

1

2

3

4

5

Rs. Rs. Rs. Rs. Of year

1.

1,04,167

1,04,167**

Nil

Nil

 

2.

6,35,000

2,50,000*

Set on

2,50,000*

Set on

2,50,000

(2)

3.

2,20,000

2,50,000*

(inclusive of 30,000 from year-2)

Nil

Set on

2,20,000

(2)

4.

3,75,000

2,50,000*

Set on

1,25,000

Set on

2,20,000

1,25,000

(2)

(4)

5.

1,40,000

2,50,000*

(inclusive of 1,10,000 from year-2)

Nil

Set on

1,10,000

1,25,000

 

(2)

(4)

6.

3,10,000

2,50,000*

Nil

60,000

Set on +

1,25,000

63,300

(2)

(4)

(6)

7.

1,00,000

2,50,000*

(inclusive of 1,25,000 from year-4 and 25,000 from year-6)

Nil

Set on

35,000

(6)

8.

Nil

(due to loss)

1,04,167**

(inclusive of 35,000 from year-6

Set off

69,167

Set off

69,167

(8)

9.

10,000

1,04,167**

Set off

94,167

Set off

69,167

94,167

(8)

(9)

10.

2,15,000

1,04,167**

(after setting off 69,167 from year-8 and 41,666 from year-9)

Nil

Set off

(9)

 

Notes: * Maximum

 

** Minimum 

 

The balance of Rs.1,10,000 set on from Year-2 lapses.

 

 

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The Payment of Bonus Act, 1965

 

Indian Laws – Bare Acts

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