TMI BlogEligibility for bonus, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... at least thirty days work in an accounting year, an annual minimum bonus calculated at the rate of eight and one-third per cent. of the wages earned by the employee or one hundred rupees, whichever is higher whether or not the employer has any allocable surplus during the previous accounting year. (2) For the purpose of calculation of the bonus where the wages of the employee exceeds suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) In computing the allocable surplus under this section, the amount set on or the amount set off under the provisions of section 36 shall be taken into account in accordance with the provisions of that section. (5) Any demand for bonus in excess of the bonus referred to in sub-section (1), either on the basis of production or productivity in an accounting year for which the bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 36. (7) For the sixth and seventh accounting years following the accounting year in which the employer sells the goods produced or manufactured by him or renders services, as the case may be, from such establishment, the provisions of section 36 shall apply subject to the following modifications, namely:- (i) for the sixth accounting year set on or set off, as the case may be, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e provisions of section 36 shall apply in relation to such establishment as they apply in relation to any other establishment. Explanation 1. For the purpose of sub-section (6), an employer shall not be deemed to have derived profit in any accounting year, unless (a) he has made provision for depreciation of that year to which he is entitled under the Income-tax Act or, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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