Section 16 of POB Act, 1965 : Section 16: Special Provisions With Respect To Certain Establishments

POB Act, 1965

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Explanation using Example

Imagine XYZ Tech Solutions is a startup that began operations in January 2023. They specialize in developing innovative software solutions. The company had a successful launch and started generating revenue by selling their software in the same year. As per Section 16 of The Payment of Bonus Act, 1965:

In the first five accounting years, XYZ Tech Solutions will pay bonuses to their employees only in the years they make a profit. This means that if they make a profit in the year 2023, they must calculate and pay bonuse...

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