Amendment status not verified — confirm the current text below against the official source.
In this Act, unless there is anything Tepugnant in the Subject or Context,— ‘@) “Prescribed”? m €ans prescribed by rules under this Act ; (2) “total 8t0ss income” means aggregate of [gross] income derived from various _pro- employments, (c) “previous Year” means twelye months ending on the 31st March next Proceeding the year Ae : (2) “person includes Hindu undivided family or an Incorporated Company ; Substituted for the Words “State of Punjab” by the Punjab Reorganisation (Chandigarh) (Adaptation of Laws On State and Co ncurrent Subjects) Order, 1968. *The Act Came into force on Noti the 20th October, 1956, see Punjab Government fication No, nab Bye) 5546670, d ated the 20th October, 1956, published in Xtraordinary Punjag Gazette, ated 22nq October, 1956, -3of 1960, Section 2, Y Pu -10 of 1962. "Substituted for the Word “‘in’? ‘ Dy Punjab Act No. 3 of 1960 and it shall be, and Shall be deemed always to haye been Substituted, © Scanned with OKEN Scanner pROFESSIONS, TRADES, CALLINGS, 3 p, Act vill AND EMPLOYMENTS TAXATION » 360 eb p ‘9° authority” in a particular are ing a | ade 9 ar areca means 2) “455s Eon authorised by the *[Central Govern- man to make any assessment under this Act. son who carries on trade, either by Levy of tax. 3, gvery agent or representative, or who follows “_ sell OF or calling, or who 18 In employment, either pit ofession rt within the "Union territory of Chandi- a ily oF NP jable to pay [or each financial year “[or a part oy tox ill respect of such profession, trade, calling 0 . “aployment " -ta4 that for the purpose of this section a person provider be deemed to be a person 1n employment. The tax shall be levied at the rates specified in the Rates of tax. gchedule annexed to this Act. ayable by any person under this Act Determination of e tax Pp ] | ; victermined with reference to his total gross tax. shall be juring the previous year ; provided that the tax incore by any person shall not exceed two hundred and Pry rupees for any financial year. 4 Explanation.—In computing the total gross income of any person under this section—. (a) the following expenses incurred by him in res- pect of a manufacturing concern shall excluded,— (1) productive wages, that is to say, expenses on direct labour which can be measured and directly charged to a job, order or product; (2) materials consumed, that is to say, expenses on direct materials,with all charges thereon, including carriage inwards, freight, dock ues 5 ——___ _ 3 _ Substituted i i sation (C stituted for ths words ‘State Government’’ by the Punjab Reorgani- 1968, (Chandigarh) (Adaptation of Laws on State and Concurrent Subjects) Order, a q ° Substituted for the words ‘State of Punjab” by ibid. Tn ; be, and shall Gee. Punjab Act No.3 of 1957, section 2, This amendment shall ‘ eemed always to have been inserted. Bx i planation added by Punjab Act No, 3 of 1960, section 3 a © Scanned with OKEN Scanner 370 PROFESSIONS, TRADES, CALLINGs [1956; p AND EMPLOYMENTS TAXATION b, Act vn (3) direct expenses of production that ; expenses consisting of ’ ‘Nat is to Say (7) rent, rates, taxes, Insurance of factory, (77) gas, fuel , lighting and hearing (ii) patent fees and royalties ; (iv) non-productive wages of StOre-ke firemen, enginemen, time-keepey fares clerks, superintendents and Man: ory factory ; and _ -— (v) repeirs, renewals and depreciation of machinery, tools, lands and by; (b) the fo!lowin 8 €xpenses incurred by him in resp of a trading concern shal] be excluded :— eet (i) purchases ; (ii) carriage inwards ; (iii) wages ; and (iv) other direct expenses not being se'ling and office expenses ; and. (c) an amount equal to five per centum of the aggregate gross income derived by a person from the profession of calling, if he maintains an office or establishment in connection there- with in the ordinary course of such profession or calling, shall be excluded.) _ Act not to apply [5-A. The provisions of this Act shall not apply fo Armed Forces. t9 a member of the Armed Forces of India.]} . : be, ? Added by Punjab Act No, XII of 1957, section 2, This section shall and shal! be deemed always to have been added, = | © Scanned with OKEN Scanner