i was confused by watching 2 to 3 videos on bonus how to calculate but when i watched this video it clear my 100% doubt on bonus Calculation i was lucky that i found this video and watched Thank u very much
Thank you so much sir. Very valuable information. Well explained 👏. Thank you again. Sir i am new state government employee in Rajasthan. Can you please explaine how salary calculated in rajasthan?
thanks for such simple explanation and the readily made excel sheet... but unable to find the excel sheet download link.. can anyone share the excel sheet or the link to download it.
Sir, my gross salary is 21200/- and my basic salary is 15000/-. Others (HRA + conveyance + medical ) 6000/-. I am from West Bengal. I am Sr. Accountant. Our company earned net profit 6%. How much amount of bonus I shall get?
This is wrong. As per bonus act section 3, if a company has many branches you have to take the branch where balance sheet is calculated as reference for all other locations. It is not 8.33 or 20.It is 8.33 to 20
Gentlemen amended act only states 7k or minimum wage of the state. It nowhere states what u r creating as step two, i.e. step 1 or basic whichever is lower. Can u please corroborate your statement by any statutory proof of what u r saying. What I m understanding is you have created the second step for your convenience which is NOT allowed as per the language of the statute.
Most of employers doing same mistake as they are referring only latest amendments not actual sources of act as section 2 and 11 which was amended for bonus salary and eligibility for payment.
@@Indianpayroll with due respect to your logic, I m candidly saying you r wrong on this point. There was a time when employees were earning more or less than the "specified figure", i.e. 7k in present. At present after amendment it is very clear that bonus calculation will be 7k or minimum wage of the state whichever is higher, so there cannot be any question what u r saying. Initially the calculations were either "specified amount" or "actual wage". Now the scenario is totally different.
Repeating Again with Reference. Think Twice. Read the below and reference correctly. 1. Read section 12 from original act then read the changes as This section has been modified by the notification. OKOKOK. 2. Section 12 refer section 10 and 11, which are....:- 1 [10. Payment of minimum bonus.-Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year: Provided that where an employee has not completed fifteen years of age at the beginning of the accounting year, the provisions of this section shall have effecting relation to such employee as if for the words “one hundred rupees”, the words “sixty rupees” were substituted.] 2 [11. Payment of maximum bonus.-(1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of that accounting; year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage. (2) In computing the allocable surplus under this section, the amount set on or the amount set off under the provisions of section 15 shall be taken into account in accordance with the provisions of that section.] Both section 10 and section 11 refer to salary or wages which is nothing but Basic + DA in our case So , reading the new amendment together with the provisions of the main act , the way to calculate the Bonus is For all individuals whose wages are less than 21000, ( Then he is eligible for Bonus ) 1) The max wage ceiling for any individual for bonus is Max of (Rs 7000 or Min wage ) 2) If the salary of wage of the individual is less than the max ceiling , then the bonus is computed at his wage level ( section 10,11) 3) If the wage of the individual is more than the max ceiling , then the bonus is computed at max ceiling. ( section 12 ) Hope this clarifies.
@@Indianpayroll dear first thing, I m a law graduate, so mentioning of specific section is not required but I appreciate your effort. Second, the term salary/wage is used in two context. First, for the purpose of deciding the eligibility of bonus which is 21k. Second, for the purpose of calculation of bonus subsequent to final decision on eligibility which is 7k or minimum wage whichever is higher. Now in present circumstances I m assuming no one is earning less than 7k. But yes if u r saying even basic +da is less than minimum wage, then u r ryt.
Step 2 seems incorrect. How can one draw less than minimum wages ? As per govt of india rule is Rs 7000 or min wages whichever is higher. This video is in total contradiction with that shown in Labour Law advisor
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i was confused by watching 2 to 3 videos on bonus how to calculate but when i watched this video it clear my 100% doubt on bonus Calculation i was lucky that i found this video and watched Thank u very much
Many recruitment agency using wrong way to calculate bonus. Thanks for giving right information
Thank you so much sir.
Very valuable information.
Well explained 👏.
Thank you again.
Sir i am new state government employee in Rajasthan. Can you please explaine how salary calculated in rajasthan?
Really Nice explanation. I was confused initially. But after watching this video, I got clarity.
very correctly mentioned.. maxm people miss out the second step but we have to remember that bonus cannot be more than your basic salary
Thanks
Great Video on Bonus, You have very good understanding about bonus.
Thanks a ton!!!!
Good explanation - very informative and clarified very well
Plz make video on DA and plz tell me rate of DA in private sector in comment
Your way of explaining is very good Sir! 👍🏻
Hi. I'm not paid DA , but HRA is given. Is HRA considered while calculating gross salary for Bonus? Please confirm.
Sir plz make a video on LWF Challan
Sir your video are very old, do we have new videos with updated status on payroll,.bonus, benefits, statutory components.
Delhi mein bonus Kaisay or
Kaya Minimum or without or with Arrear per niklayga or kaya paid salary per bhi 8.33 bonas de to galat ha ya nahi ?
thanks for such simple explanation and the readily made excel sheet... but unable to find the excel sheet download link.. can anyone share the excel sheet or the link to download it.
Bahut achha bataya aap g
Thnk u sir
If minimum wages is higher than basic wages then bonus should be calculated in which amount?
Vary useful 👍
Thank you sir
What if the basic is increased above 21000 RS. In between the year,so is he eligible for bonus?
Sir my question is if the minimum wages is 9025 and basic salary is 11000 then how we will calculate ?
On 9025
Also 7000 or Min. Wages me jo max rahega uska comparison existing basic se Karna he is logic ko legal support Kya hai?
I agree. This is nowhere mentioned in the Act
GOOD SIR
Sir my query.
Kya Basic salary minimum wages se kam ho sakti hai?
anoop17118 yes
Sir, basic+DA is cannot be less then state minimum wages. I want to correct here that if any industry is giving it then it is illegal.
@@kalimhawaldar2527 Agreed. What has been stated in the video is incorrect
Sir agar employee kisi mahine 15 din absent raha ho to kaise calculate karege
Day wise or you can pay for whole month depending on leave type
I Have one point that bonus is calculated on what employee take in hand salary in previous yr
Sir, my gross salary is 21200/- and my basic salary is 15000/-. Others (HRA + conveyance + medical ) 6000/-. I am from West Bengal. I am Sr. Accountant. Our company earned net profit 6%. How much amount of bonus I shall get?
This is wrong. As per bonus act section 3, if a company has many branches you have to take the branch where balance sheet is calculated as reference for all other locations.
It is not 8.33 or 20.It is 8.33 to 20
Minimum Wages to fiscal year me 3 bar change hote he. Wo bhi consider Karna chahiye sidha monthly bonus X 12 ka formula nahi chalega
good one
Gentlemen amended act only states 7k or minimum wage of the state. It nowhere states what u r creating as step two, i.e. step 1 or basic whichever is lower. Can u please corroborate your statement by any statutory proof of what u r saying. What I m understanding is you have created the second step for your convenience which is NOT allowed as per the language of the statute.
Most of employers doing same mistake as they are referring only latest amendments not actual sources of act as section 2 and 11 which was amended for bonus salary and eligibility for payment.
@@Indianpayroll with due respect to your logic, I m candidly saying you r wrong on this point. There was a time when employees were earning more or less than the "specified figure", i.e. 7k in present. At present after amendment it is very clear that bonus calculation will be 7k or minimum wage of the state whichever is higher, so there cannot be any question what u r saying. Initially the calculations were either "specified amount" or "actual wage". Now the scenario is totally different.
Repeating Again with Reference. Think Twice. Read the below and reference correctly.
1. Read section 12 from original act then read the changes as This section has been modified by the notification. OKOKOK.
2. Section 12 refer section 10 and 11, which are....:-
1 [10. Payment of minimum bonus.-Subject to the other provisions of this Act, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1979 and in respect of every subsequent accounting year, a minimum bonus which shall be 8.33 per cent of the salary or wage earned by the employee during the accounting year or one hundred rupees, whichever is higher, whether or not the employer has any allocable surplus in the accounting year: Provided that where an employee has not completed fifteen years of age at the beginning of the accounting year, the provisions of this section shall have effecting relation to such employee as if for the words “one hundred rupees”, the words “sixty rupees” were substituted.]
2 [11. Payment of maximum bonus.-(1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of that accounting; year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage. (2) In computing the allocable surplus under this section, the amount set on or the amount set off under the provisions of section 15 shall be taken into account in accordance with the provisions of that section.]
Both section 10 and section 11 refer to salary or wages which is nothing but Basic + DA in our case
So , reading the new amendment together with the provisions of the main act , the way to calculate the Bonus is
For all individuals whose wages are less than 21000, ( Then he is eligible for Bonus )
1) The max wage ceiling for any individual for bonus is Max of (Rs 7000 or Min wage )
2) If the salary of wage of the individual is less than the max ceiling , then the bonus is computed at his wage level ( section 10,11)
3) If the wage of the individual is more than the max ceiling , then the bonus is computed at max ceiling. ( section 12 )
Hope this clarifies.
@@Indianpayroll dear first thing, I m a law graduate, so mentioning of specific section is not required but I appreciate your effort. Second, the term salary/wage is used in two context. First, for the purpose of deciding the eligibility of bonus which is 21k. Second, for the purpose of calculation of bonus subsequent to final decision on eligibility which is 7k or minimum wage whichever is higher. Now in present circumstances I m assuming no one is earning less than 7k. But yes if u r saying even basic +da is less than minimum wage, then u r ryt.
@@sachinsharma4036 closed. Thanks 😊
Step 2 seems incorrect. How can one draw less than minimum wages ? As per govt of india rule is Rs 7000 or min wages whichever is higher. This video is in total contradiction with that shown in Labour Law advisor
If minimum wage Rs-5000,and Basic 6500 so please let me know Bonus wages ?
in that case, we should caliculate on 7000
How to download excel sheet
Minimum wages se kam basic dete hi nahi hai to basic aur minimum wages ka comparison kio
galt kiyo batate ho
What is wrong with you and here.