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Important Definitions
Accounting Year [Section 2(1)]
Means
in relation to a corporation, the year ending on the day on which
the books and accounts of the corporation are to be closed and
balanced;
in relation to a company, the period in respect of which any profit
and loss account of the company laid before it in annual general
meeting is made up, whether that period is a year or not;
in any other case
the year commencing on the 1st day of April; or
if the accounts of an establishment maintained by the
employer thereof are closed and balanced on any day other
than the 31st day of March, then, at the option of the
employer, the year ending on the day on which its accounts
are so closed and balanced;
Option once exercised by the employer shall not again be
exercised except with the previous permission in writing of
the prescribed authority and upon such conditions as that
authority may think fit.
Establishment {Section 3}
Includes
All its departments, undertakings and branches wherever it has so
whether situated in the same place or in different places and the
same shall be treated as parts of the same establishment for the
purpose of computation of bonus under this Act:
Where for any accounting year, a separate balance-sheet and profit
and loss account are prepared and maintained in respect of any
such department or undertaking or branch then such department,
undertaking or branches shall be treated as a separate
establishment for the purpose of computation of bonus under this
Act for that year, unless such department, or undertaking or
branch was, immediately before the commencement of that
accounting year treated as part of establishment for the purpose of
computation of bonus.
2. The ceiling on wage or salary for calculation of Bonus under the Payment of
Bonus Act 1965 is
(a) Rs. 2,500
(b) Rs. 3,500
(c) Rs. 4,500
(d) Rs. 6,500
3. Under the payment of Bonus Act, 1965, the gross profits derived by an employer
from an establishment in respect of any accounting year shall be computed
(a) In case of Banking Company according to schedule II and in any other case
schedule I.
(b) In case of Banking Company according to schedule I and in any other case
schedule II.
(c) In case of Banking Company and in any other case schedule I.
(d) In case of Banking Company and in any other case schedule II.
4. The Payment of Bonus Act, 1965 is applicable to an employee who draws wage or
salary of
(a) Rs. 3500 in case of apprentice
(b) Rs. 5000 in case of apprentice and employee
(c) Rs. 7500 in case of employee only
(d) Rs. 10,000 in case of employee only
5.Payment of Bonus Act 1965 is applicable to every factory and to every other
establishment where ---------- workmen are employed on any day during an
accounting year
(a) 20 or more
6.Every employee receiving salary or wages upto RS. 3,500 p.m. and engaged in any
kind of work whether skilled, unskilled, managerial, supervisory etc. is entitled to
bonus for every accounting year if he has worked for at least ---------- days in that
year.
(a) 15 working days
(b) 30 working days
(c) 60 working days
(d) 90 working days
8. If in an accounting year, the allocable surplus calculated after taking into account
the amount ‘set on’ or the amount ‘set of’ exceeds the minimum bonus, the employer
should pay bonus in proportion to the salary or wages earned by the employee in
that accounting year subject to a maximum of ------- % of such salary or wages.
(a) 25%
(b) 30%
(c) 10%
(d) 20%
9.The bonus should be paid in cash within ----------- months from the close of the
accounting year
(a) 8 months
(b) 6 months
(c) 12 months
(d) 3 months
11. The employer has to submit an annul return of bonus paid to employees during
the year, in Form D, to the Inspector, within ---------- of the expiry of the time limit
specified for payment of bonus.
(a) 10 days
(b) 20 days
(c) 30 days
(d) 60 days
12.The contravention of the provisions of the Act or rules may attracts the
punishment of
(a) imprisonment upto 3 months, or fine up to Rs.500, or both
(b) imprisonment upto 2 months, or fine up to Rs.1000, or both
(c) imprisonment upto 6 months, or fine up to Rs.10000, or both
(d) imprisonment upto 6 months, or fine up to Rs.1000, or both
13. Excess allocable surplus remain after paying the maximum bonus of 20% on the
wage or salary of the employee, should be carried forward to the next following year
for utilizing the payment of bonus in case of the shortage of the allocable surplus or
losses occur. This is called as
(a) Set-On
(b) Set-Off
(c) Take-On
(d) Set-Off
15.When there are no profits or the amount falls short or deficiency for payment of
minimum bonus to employees, such deficiency amount should be adjusted to the
current accounting year from the Set-On amount which was carried forward in case
of excess allocable surplus in the previous year. This is called as .
(a) Set-On
(b) Set-Off
(c) Take -On
(d) Take –Off