The Payment of Bonus Act, 1965
Bare Act
The following sums shall be deducted from the gross profits as prior charges, namely:
- (a) any amount by way of depreciation admissible in accordance with the… Read the complete text with KanoonGPT Pro.
Simplified Act
Before calculating the bonus for employees, certain amounts need to be subtracted from the company's total earnings. These are:
- (a)… Read the complete text with KanoonGPT Pro.
Explanation using examples
Imagine a manufacturing company, ABC Manufacturing Pvt. Ltd., has had a profitable year and is calculating the bonus to be paid to its employees under The Payment of Bonus Act, 1965. To dete… Read the complete text with KanoonGPT Pro.
