Incentive Bonus - Law Dictionary Search Results
Home Dictionary Name: incentive bonusIncentive bonus
Incentive bonus, clerical staff and the subordinate staff also take part in the production and there is no reason for excluding them altogether from the scheme of incentive bonus, Burn & Co. v. Employees, AIR 1960 SC 896 (897). See also Manganese Ore (India) Ltd. v. Chand Lal Saha, AIR 1991 SC 520....
Bonus
Bonus, premium or advantage; an occasional extra dividend; a gratuity. As to the respective rights of tenant for life and remaindermen in a bonus declared by a company, see Bouch v. Sproule, (1887) 12 App Cas 385; Re Northage, (1891) 60 LJ Ch 488, and see Palmer's Company Law, 15th Edn., 228.Means a premium paid in addition to what is due or expected e.g. year end bonus. In the employment context, worker's bonuses are not a gift or gratuity; they are paid for services or on consideration in addition or in excess of the compensation that would ordinarily be given; a payment made to the lessee for the execution of an oil-and-gas lease, the lessee received a large bonus at closing, Black Law Dictionary, 7th Edn., p. 176.Bonus is not, as its etymological meaning would suggest, a mere matter of bounty gratuitously made by the employer to his employees; nor is it a matter of deferred wages. It has been held by this Court in Muir Mills Co. Ltd. v. Suti Mills Mazdoor Union, Kanpur, (1955) 1 SC...
Wages
Wages, if the remuneration is to be paid daily or weekly, it can be called wages. But when it is monthly remuneration payable on the last day of the month or after that date, and when the remuneration considering the general standards of payments is fairly high, then it has to be understood as salary, K.V.V. Sharma (in re), (1952) 2 Mad LJ 917.Includes any bonus or other additional remunera-tion etc., and any sum 'payable to such person by reason of the termination of his employment, A.R. Sarin v. B.C. Patil, AIR 1951 Bom 423.Means remuneration payable to an employee under an award or settlement, Purshottam v. Potdar, AIR 1966 SC 856.Means remuneration which an employer is liable to pay, if the term of the contract of employment are fulfilled. In other words, they are payments made by an employer for services rendered, G.M. Joshi v. First Civil Judge, AIR 1958 Bom 262.Wages, ought to include gratuity as well, Tirjugi Sitaram v. Badlu Prasad Bheru Prasad, AIR 1962 MP 361.The compensatio...
Bonus shares
Bonus shares, bonus share is an accretion. A bonus share is issued when the company capitalises its profits by transferring an amount equal to the face value of the share from its reserve to the nominal capital. In other words the undistributed profit of the company is retained by the company under the head of capital against the issue of further shares to its shareholders. Bonus shares have, therefore, been described as a distribution of capitalised undivided profit, Standard Chartered Bank v. Custodian, (2000) 6 SCC 427: AIR 2000 SC 1488 (1499). [Companies Act, 1956 Sch I, Table A, Rr. 96 (97)]...
Goodwill bonus
Goodwill bonus, it is a bonus which is given by the employer out of his free consent in order that there may be goodwill between him and his workmen; but there can be no question of imposing a goodwill bonus by industrial courts, as imposition of such a bonus is a contradiction of its very concept, New Maneck Chowk Spinning Weaving Co. Pvt. Ltd. v. Textile Labour Association, AIR 1961 SC 867: (1961) 3 SCR 1...
Annual bonus
Annual bonus, it is not when a payment is made at the end of the year, it can be considered to be an annual bonus. The essential test to be satisfied is that the payment should ensure throughout the year and it should also be continued from year to year, Workmen v. Bata Shoe (P) Ltd, (1972) 3 SCC 627 (638): AIR 1972 SC 1436. [Payment of Bonus Act, 1965 (21 of 1965)]...
Tonnage Production Bonus Scheme
Tonnage Production Bonus Scheme, 'tonnage Production Bonus Scheme' introduced by the appellant was in fact also a production bonus scheme, Titaghur Paper Mills Co. Ltd. v. Their Workmen, AIR 1959 SC 1095: (1959) Supp 2 SCR 1012...
Profit bonus
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)]...
incentive stock option
incentive stock option see option ...
Incentive
That which moves or influences the mind or operates on the passions that which incites or has a tendency to incite to determination or action that which prompts to good or ill motive spur as the love of money and the desire of promotion are two powerful incentives to action...
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