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Accounting year - Payment Of Bonus Act(1965), Industrial Laws Video Lecture | Industrial Laws - B Com
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FAQs on Accounting year - Payment Of Bonus Act(1965), Industrial Laws Video Lecture - Industrial Laws - B Com
| 1. What is the accounting year under the Payment of Bonus Act (1965)? |  |
Ans. The accounting year under the Payment of Bonus Act (1965) refers to the period for which the financial statements of a company are prepared. It is typically a 12-month period, and it can coincide with the company's financial year or any other period as determined by the management.
| 2. What is the Payment of Bonus Act (1965)? | |
Ans. The Payment of Bonus Act (1965) is a legislation in India that provides for the payment of bonus to employees working in certain establishments. It aims to ensure that employees receive a share in the profits earned by their employers. The act covers establishments with 20 or more employees and sets certain criteria for eligibility and calculation of bonus.
| 3. What are industrial laws in the context of B Com? | |
Ans. Industrial laws, in the context of B Com (Bachelor of Commerce), refer to the legal regulations and provisions that govern various aspects of industrial relations and employment. These laws cover areas such as labor rights, worker protection, working conditions, wages, social security, and dispute resolution in industrial settings. Studying industrial laws is important for commerce students to understand the legal framework within which businesses operate.
| 4. How is the bonus calculated under the Payment of Bonus Act (1965)? | |
Ans. The bonus calculation under the Payment of Bonus Act (1965) depends on two factors: the allocable surplus and the set-on and set-off provisions. The allocable surplus is the available surplus after deducting certain statutory payments and prior charges. The bonus payable is then calculated as a percentage of the allocable surplus, with the percentage varying based on the accounting year's profit and other factors. Set-on and set-off provisions allow the employer to adjust excess or inadequate bonus paid in the previous years against the current year's bonus liability.
| 5. What are the key provisions of the Payment of Bonus Act (1965)? | |
Ans. The key provisions of the Payment of Bonus Act (1965) include the applicability of the act to establishments employing 20 or more persons, eligibility criteria for receiving bonus, calculation of bonus based on allocable surplus and set-on/set-off provisions, time limits for payment of bonus, penalties for non-compliance, and provisions for resolving disputes related to bonus payments. The act also outlines the powers and functions of authorities responsible for implementing and enforcing its provisions.
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Dec 23, 2024 Last updated |
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