Amendment status not verified — confirm the current text below against the official source.
Where in any accounting year, an employee is found guilty of misconduct causing financial loss to the employer, then, it shall be lawful for the employer to deduct the amount of loss from the amount of bonus payable by him to the employee under this Code in respect of that accounting year only and the employee shall be entitled to receive the balance, if any. Set on and set off of allocable surplus. Adjustment of customary or interim bonus against bonus payable under this Code. Deduction of certain amounts from bonus payable. SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 17