Amendment status not verified — confirm the current text below against the official source.
Repeal and saving.-(l) The Payment of Bonus Ordinance, 1965 (3 of 1965), is hereby repealed. . (2) N_otwithstanding such repeal, anything done or any aciion taken under the said Ordinance shall be deemed to have been done or taken rrnder this Act as if this Act had commenced on the 29th May, 1955. 1 2 S bs by Act 23 d 1976, sec 24(a), for ,,o. in two sr.rccessivc scssions, (w.r-c.f 25-9-1975) Srbs. by Act 23 tt( 1976. scc 24(b), for ',in which it is so laid or the session immedint(,lv foUowing" (w.r,e.l 25-9 -1975). (b) (c) I 24 Th6 Payment ol Bonus Act, 1965 ITTHE FIRST SCHEDULE ls?e section 4 (a)I COMPUTATION OF GROSS PROFITS Accounting year endin g..,,,.,,,. Parliculars Amount of sub-items lsch. 1 ilfrlr :1:ir Amount of main itens Remarks Rs, '1. Net Prcfit as shown in the Profit and t oss Account after making usual and necessary Prov$lons. Add bdck ptovisio torl (a) Bonus to emPloyees. b) Depreciation. (c) Development Rebate Res€rve (d) Ary other reserves. To[al of ltem No. 2 Add bad< alscl- (a) Bonus paid to employees in resPect of previous affounting years. (b) The amount debited in resPect of gratuity paid or payable to employees in excess of the aggregate of- Ser foot-note (l) Rs. sde foot-note (l) Sce foot-note (1) Scr foot-note (1) (c) (d) (i) lhe amount, if any, Paid to, or provided for payment to, an lpproved tratuity fund; and (ii) the amount actually Paid to employees on their retirement or on termination of their ernployment for any reason. Donations in excess of the amount admissible for income.tax. Capital expenditure (oth€t than capital exDenditure on scientific research which is allowed as a deduction under any law for the time b€int in force relating ho dir€ct taxes) and capital losses (other than losses on sale of capital aisets on which depreqiation has beefl allowedfor income-lax). (e) Any amount certified by the Reserve Bank of India in terms of suFsection (2) of s€ction 34A of the Where the prolit subject lo taratim is shown rn the Profit and l,oss Account and thc provision mlde for taxes on income b shown, the actual Provision for Laxcs on incohe shall be deducted from the profit. l. lns. by Act 66 of 1980, sec. 19(b) (w.r.e.f 21-8-19E0) Earuer the First S.hedule was omitted by Act 23 of 7976, 6ec. 25 (w.t.e 1. E 9-1975), The Payment of Bonus Act, 1965 25 Scft 1l Item No. Particr ats Amount ot sub-itemg Amount of main items Remarks t I Banking Retulation Act, 1949 (10 of 7949r. (0 Losses of, or exPenditure relating to. anv business situated outside lndia. - Total of Item No- 3 ....... Add dlso incor''e, profits or Sains (if any) cr€dited dircctli to Published or discloded r€serves, other than- (i) Pro-fits sate of which allowed for income tax); (ii) profits ol, and receiPts telatin8 to, anv business situated oubide [ndia; (iii) income of forci8n banking companies from investment outside lndia- Net tolal of ltem No. 4 -....-'-. . Total of ltem Nos. 1, 2" 3 and 4. .'. ' Defu$t: (a) Capital receiPts and caPital Pto-fits ' (other than Profits on the sale of assets on which dePleciation has been allowed for incometax). Profits of, and recelPts relating to, anv business situated outside lndia. lnio-. of forcign banking companies from inve8tment6 outside lndia. Expenditure or losses (if anY) debited directly to Published ot disclosed teserves, othet than- (i) capital exPenditure and capital losses (oth€r than iosses on sale of caPital ass€ts on which dePr€ciation has not been allowed for incometax); (ii) tosses of any business sih.rated outside India. (e) In the case of foreign banking companies ProPortionate admini+ trative (ovLrhLad) exPenses of Head Office aUocable to Indian Rs lc\- R5.