The Payment of Bonus Act, 1965
Bare Act
Any direct tax payable by the employer for any accounting year shall, subject to the following provisions, be calculated at the rates applicable to the income of the employer for that year, namely:
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in calculating such tax no account shall be taken of:
- any loss incurred by the employer in r… Read the complete text with KanoonGPT Pro.
Simplified Act
When an employer has to pay taxes on their income for a particular year, they should calculate it using the tax rates for that year. However, there are some specific rules they need… Read the complete text with KanoonGPT Pro.
Explanation using examples
Imagine a scenario where ABC Pvt. Ltd. is a company that manufactures electronic goods. For the accounting year 2022-2023, the company has made substantial profits and is liable to pay bonuses to its emplo… Read the complete text with KanoonGPT Pro.
