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The payment of Bonus (Amendment) Act, 1976-Amendment to section 36(1)(ii) of the Income-tax Act, 1961-Effect thereof-Clarification regarding
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....ome-tax. Sir, Subject: The payment of Bonus (Amendment) Act, 1976-Amendment to section 36(1)(ii) of the Income-tax Act, 1961-Effect thereof-Clarification regarding. Section 29 of the Payment of Bonus (Amendment) Act, 1976, has inserted a new proviso to clause (ii) of sub-section (1) of section 36 of the Income-tax Act, 1961, and has made an amendment to the existing proviso to the said clause w....
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.... provisions of the payment of Bonus Act apply are not covered by the provisions of that Act relating to compulsory payment of bonus. In view thereof, the restriction laid down in the aforesaid first proviso regarding deduction in respect of bonus paid to employees covered by the Payment of Bonus Act will not apply in relation to such persons. Bonus paid to such persons will, therefore, fall under ....