Deduction for employee bonus now governed by second proviso when Payment of Bonus Act coverage does not apply. The amendment inserts a first proviso restricting deduction for bonuses paid to employees covered by the Payment of Bonus Act, while bonuses to employees excluded from that Act (by exceeding the wage ceiling) fall under the second proviso and are deductible only if they meet the conditions of that proviso; the amendment operates from the specified effective date for subsequent assessments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for employee bonus now governed by second proviso when Payment of Bonus Act coverage does not apply.
The amendment inserts a first proviso restricting deduction for bonuses paid to employees covered by the Payment of Bonus Act, while bonuses to employees excluded from that Act (by exceeding the wage ceiling) fall under the second proviso and are deductible only if they meet the conditions of that proviso; the amendment operates from the specified effective date for subsequent assessments.
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