Section 7 of POB Act, 1965 : Section 7: Calculation Of Direct Tax Payable By The Employer
POB Act, 1965
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Explanation using Example
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 employees under The Payment of Bonus Act, 1965. While calculating the bonus, the company also needs to consider its tax liabilities.
According to Section 7 of The Payment of Bonus Act, 1965, when ABC Pvt. Ltd. calculates its direct tax payable, it should not take into account any loss from previous years that it is carrying forward, nor should...
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