base year on an assumption that the ratio
which determine-, the allocable surplus is the normal ratio
not affected by any special circumstance and perpetuates ... duration of the Act that ratio for determining the
minimum allocable surplus each year. If bonus contemplated
to be paid under the Act is intended
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
force relating to the levy of tax on agricultural income; (4) “allocable surplus” means— (a) in relation to an employer, being a company (other than
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 ... 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
assessee has also not given any details regarding calculation of 'allocable surplus' for distribution as bonus under the Bonus Act . During the accounting ... therefore, appears on a perusal of account that there was no allocable surplus. Further, Section 16 of the Payment of Bonus Act lays down that
deficiency, if any, as the case may be, of the allocable surplus set on or set off in respect of the fifth and sixth accounting ... deficiency, if any, as the case may be, of the allocable surplus set on or set off in respect of the fifth, sixth and seventh
Bonus Act, 1965
15. Set on and set off of allocable surplus.—
(1) Where for any accounting year, the allocable surplus exceeds the amount ... accounting year, there is no available surplus or the allocable surplus in respect of that year falls short of the amount of minimum bonus payable
section (6) of Section 2 and of "allocable surplus" in Sub-section (4) of Section 2 . Then the subsequent sections ... maximum bonus under Section 11 becomes payable only when the allocable surplus exceeds the amount of minimum bonus payable to the employee under Section
allowable surplus being 60% of available surplus. As
the allocable surplus so fixed was more than 20% of the
annual wage bill ... profits, the balance,left over
is the available surplus. 60% of the available surplus
represents the allocable surplus payable as bonus to the
employees
made out of any such surplus in service of any debentures shall not exceed fifty percent, of such surplus including any payment ... adopted in the valuation disclosing the aforesaid surplus: Provided further that the share of any such surplus allocated to or reserved for the shareholders, (including
