Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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shweta gupta (Company Secretary & Compliance officer)     12 February 2016

Query_amendment in the payment of bonus act, 1965

Dear Learned Members

This is in reference to the recent amendment in the Payment of Bonus Act, 1965 and subsequent granting of stay by Hon’ble Karnataka & Kerala High Court from applicability of the said amendment for the FY 01.04.2014 to 31.03.2015.

I would like to know that if the factory/ establishment follow a different financial year (1st July 14 to 30th June 2015),   then in that case at what basis it have to pay bonus to its employee for the three months i.e. 01.04.2015 to 30.06.2015. It will pay as per old basis for nine months i.e 01.07.2014 to 31.03.2014 (as per Hon’ble High Court order).

The payment of bonus is to be made within 8 months from the end of FY. So the last date in such cases would be 29.02.2016

This is in reference to the recent amendment in the Payment of Bonus Act, 1965 and subsequent granting of stay by Hon’ble Karnataka & Kerala High Court from applicability of the said amendment for the FY 01.04.2014 to 31.03.2015.

 

I would like to know that if the factory/ establishment follow a different financial year (1st July 14 to 30th June 2015),   then in that case at what basis it have to pay bonus to its employee for the three months i.e. 01.04.2015 to 30.06.2015. It will pay as per old basis for nine months i.e 01.07.2014 to 31.03.2014 (as per Hon’ble High Court order).

The payment of bonus is to be made within 8 months from the end of FY. So the last date in such cases would be 29.02.2016

 



Learning

 1 Replies

Kumar Doab (FIN)     14 February 2016

The Act does not mention Financial Year, but Accounting Year:Sec:2.

It is also felt that the Decision of High Courts on Central Enactments have effect throughout the territory of India.

Your establishment should engage the services of an Expert in this field and refer the matter to the Expert.


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