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[THE FOURTH SCHEDULE]

[See sections 15 and 16]
 
In this Schedule, the total amount of bonus equal to 8.33 per cent of the annual salary or wage payable to all the employees is assumed to be Rs. 1,04,167. Accordingly, the maximum bonus to which all the employees are entitled to be paid (twenty per cent of the annual salary or wage of all the employees) would be Rs. 2,50,000.
Year
 
Amount equal to sixty per cent or sixty-seven per cent, as the case may be, of available surplus allocable as bonus
Amount payable as bonus
Set on or set off of the year carried forward
Total set on or set off carried forward
(1)
(2)
(3)
(4)
(5)
 
 
Rs.
Rs.
Rs.
Rs.
 
1.
1,04,167
1,04,167***
Nil
Nil
 
2.
6,35,000
  2,50,000*
Set on 2,50,000*
Set on 2,50,000
(2)
3.
2,20,000
 2,50,000*
(inclusive of 30,000 from year-2)
Nil
Set on 2,20,000
(2)
4.
3,75,000
2,50,000*
Set on 1,25,000
 Set on 2,20,000
1,25,000
 (2)
(4)
5.
1,40,000
 2,50,000*
(inclusive of 1,10,000 from year-2)
Nil
 Set on 1,10,000
1,25,000
 (2)
(4)
6.
3,10,000
2,50,000*
Set on 60,000
 Set on
Nil†
1,25,000
60,000
  
(2)
(4)
(6)
7.
1,00,000
 2,50,000*
(inclusive of 1,25,000 from year-4 and 25,000 from year-6)
Nil
Set on 35,000
(6)
8.
 Nil
(due to loss)
 1,04,167**
(inclusive of 35,000 from year-6)
Set off 69,167
Set off 69,167
(8)
9.
10,000
1,04,167**
Set off 94,167
 Set off 69,167
94,167
 (8)
(9)
10.
2,15,000
 1,04,167**
(after setting off 69,167 from year-8 and 41,666 from year-9)
Nil
Set off 52,501
(9)

Notes

*Maximum

**Minimum

†The balance of Rs. 1,10,000 set on from year-2 lapses.
Amit R Gupta

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