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Payment of Bonus Act

India - November 21, 2024, 3:02 pm

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The bonus received is taxable as part of the employee’s income under the "Income from Salary" category, according to the Income Tax Act, 1961.

An employee can be denied a bonus if they are dismissed for fraud, violent conduct, or theft, as specified under the Act.

Employees earning a monthly salary of ₹21,000 or less (inclusive of basic salary and dearness allowance) and who have worked for at least 30 days in a financial year are eligible for a bonus as per payment of bonus act.

 

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