Profit Bonus
Legal definition for Indian law research
Definition
Profit bonus, a profit bonus is strictly not wages, at least not for the purpose of computing liability to income-tax; it is not an expense in the ordinary sense of the term, incurred for the purpose of earning profits. A fortiorari profits have already been made. It is more like sharing of profits on the basis of a certain formula, CIT v. Swadeshi Cotton and Flour Mills (P) Ltd., AIR 1964 SC 1766 (1769). [Income-tax Act, 1961, s. 36(i)(ii)]
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