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 ... Summary
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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