Amendment status not verified — confirm the current text below against the official source.
Definitions.-ln this Act, unless the context otherwise reqrrircs,- (1) "accounting year" means- (i) in relation 10 a corporation, the year ending on the ctay on which the books and accormts of the corporation are to be closed and balanced; (ii) in relation to a company, the period in respect of which any prolit and loss account of the company laid before ii in armual general meeting is made up, whether that period is a year or not; (iii) in any other case- (a) the year commencing on the 1st day of April; or (b) if the accounts of an establishment maintained by the employer thereof are closed and balanced on any day other than the 31st day of March, then, at the option of the employer, the year ending on the day on which its accounts are so closed and balanced: Provided that an option once exercised by the employer under paragraph (b) of this sub-clause shall not again be exercised except lvith the previous pcrmission in writing of the prescribed authority and upon such conditions as that authority may think fit; (2) "agricultural income" shall have the sam€ meaning as in the lncome-tax Act; "agricultural incorne-tax law" means any law for the tim€ being in force relating to the levy of tax on agricultural income; "allocable surplus" means- (a) in relation to an €mployer, being a company 3[(other than a banking company)] which has not made the arrangements prescribed under the lncome-tax Act for the declaration and payment within India of the dividends payable out of its profits in accordance with the provisions of section 194 of that Act, The words "under clause (b) of sub-section (3) ' omitted by Act 23 of 1976, sec, 3(cxi) (w.r.eI 25-e-1975) Added by n cl 23 ol 1976, sec. 3(cXii) l\tri e I. 25-9.1975), Ins. by Act (6 of 1960, sec. 2(a) (w r.cJ. 2l{-1980). Ear)ier the woJds "(other than a bankrng cornpany)" werc omitted by Act 23 of 1976, sec. {(aXi) \wr.e.t.2r9-1975t (3) (4) l. 2 srxty-seven per cent of the available surplus in an accounl.ing year; ,.,91 i" "ny other case, sixty per cent of such available surplus; 'r"l (5) "appropriatb Government,, means_ (i) in relation to an establishhent in respect of which the Tho Paymenl ol Bonus Acl, ,965 appropriate Govemrnent under the 7947 (74 ol 7947), is the Cenrral Govg11lmgnl' Industrial I)isputes Act, Goverrunent, the Central (ii) in relation to. any other establishment, the Govemment of the )(are rn whrch that other establishment is sihtate; (6) "availab_le surplus,, means the available surplus computed under .section 5; (7) " award" means an dispute or of any H':lr"f#.il.8:Tl1: Industrial Tribuna constituted under the li::l]j|PfT,'les _act, 1s47 (.t4 of.1e47l, o, uy a"y otne, urir-r,o.,ty constituted rlnder any corresponding law relitin/ to _"".ii"ut on and settlemcnt ol industrial disputes in force in a State and inc]uoes and settlemcnt of industrial disputes in force in a an arbitralion award made under section IOA ot and includes an arbitration award made section 10A of that Act or under that law; a banking company as defined in section Act, 1949 (10 ol 1949), and includes rhe sidiary bank as defined in the State Bank Act, 1959 (38 ot 1959), 2[any p::l,le 9oltt.,ie_s lncquisitio,irlendd il,ff".11'f ffi:,llf ,5 ;:; 1970 (5 of 7920),3[any cbrresponding new bank const,ruted under section 3 of the Undertakings) A defined in clause 1934 (Z ot 1934),1 and any norified in this behalf by'tt .. , A -co-operarive bank is a banking :"?y"Yr:Yi,,. cfttrat co-op. Bn k Ltd. v. tnh$t,ltt Inbuhal, ll9a9) 58 Ft,R 924 (Mad) (9) company" means any cornpany as defined is sectjon -3 of thc Companies Ac; 't956 (t ot tist), and includes a foreigrr company within the meaning of section 591 oI that AcU (10) "co-operative society means a society registered or rJeenred to bc registercd under the Cloperative Soiteriei act, 1912 (2 ot.t9t2), or any other law for the tirae being in force in any Statc r€latrng to co_ operating societies;