Section 28 - Substitution of new Schedule for the Fourth Schedule - Payment Of Bonus (Amendment) Act, 1976

28. Substitution of new Schedule for the Fourth Schedule. For the Fourth Schedule to the principal Act, the following Schedule shall be substituted, namely :- THE THIRD SCHEDULE (See sections 10, 15 and 16) The illustration in this Schedule has been worked out with reference to an establishment which has an annual salary or wage bill of rupees one lakh, twenty per cent. of which amounts to Rs. 20,000 and four per cent. of which amounts to Rs. 4,000. Year Amount equal to sixty per cent. or sixty-seven per cent., as the case may be, of available surplus allocable as bonus Set on or set off of the preceding year Amount paid or payable as bonus Balance of set on or set off (1) (2) (3) (4) (5) (Rs.) (Rs.) (Rs.) (Rs.) 1. 42,000 +3,000(a) 20,000 +23,000 2. Nil +23,000 20,000 +3,000 3. 10,000 +3,000 13,000 Nil 4. 10 Nil 4,000 -3,990 5. 100 -3,990 Nil -3,890 6. Nil -3,890 Nil -3,890 7- 23,890 -3,890 20,000 Nil 8. Nil Nil Nil Nil 9 25,000 Nil 20,000 +5,000 10. 1,100 +5,000 20,000 +100 11. Nil +100 4,000 3,900 NOTES .- 1. The notation + denotes set on and the notation - denotes set off . 2. (a) represents the amount set on as calculated under the provisions of this Act as it stood immediately before the commencement of the Payment of Bonus (Amendment) Act, 1976 .