Amendment status not verified — confirm the current text below against the official source.
(1) Where for any accounting year, the allocable surplus exceeds the amount of maximum bolus payable to the employees in the establishment under Sec. II, then, the excess shall, subject to a limit of twenty per cent. of the total salary or wage of The employees employed in the establishment in that accounting year, be carried forward for being set-on in the succeeding accounting year and so on up to and inclusive of the fourth accounting year to be utilized for the purpose of payment of bonus in the manner illustrated in the Fourth Schedule. (2) Where for any accounting year, there is no available surplus or the allocable surplus in respect of that year falls short of the amount of minimum bonus payable to the employees in the establishment under Sec. 10, and there is no amount or sufficient amount carried forward and set-on under sub-section (1) which could be utilized for the purpose of payment of the minimum bonus, then, such minimum amount or the deficiency, as the case may be, shall be carried forward for being set-off in the succeeding accounting year and so on up to and inclusive of the fourth accounting year in the manner illustrated in the Fourth Schedule. (3) The principle of set-on and set-off as illustrated in the Fourth Schedule shall apply to all other cases not covered by sub-section (1) or sub-section (2) for the purpose of payment of bonus under this Act. (4) Where in Dairy accounting year any amount has been carried and set-on or set-off under this section, then, in calculating bonus for the succeeding accounting year, the amount of set-on or set-off carried forward 1rom the earliest accounting year shall first be taken into account.] Substitued by Act 66 of 1980 (w.e.f. 21/08/1980)