Amendment status not verified — confirm the current text below against the official source.
Corporation Co-operative society Any other employer not falling under any of the aforesaid categories. (i) 8.5 percent, of its paid up capital as at the commencement of the accounting year. (ii) 6 per cent, of its reserves, if any, shown in its balance sheet as at the commencement of the accounting, year including any profits carried forward from the previous accounting year. (i) 8.5 per cent, of the capital invested by such society in its establishment as evidenced from its books of accounts at the commencement of the accounting year; (ii) such sum as has been carried forward in respect of the accounting year to a reserve fund under any law relating to co-operative societies for the time being in force. 8.5 per cent, of the capital invested by him in his establishment as evidence from his books of accounts at the commencement of the accounting year. Provided that where such employer is a person to whom Chapter XXIIA of the Income-tax Act applies, the annuity deposit payable by him under the provisions of that Chapter during the accounting year shall also be deducted. Provided further that where such employer is a firm, an amount equal to 25 per cent, of the gross profits derived by it from the establishment in respect of the accounting year after deducting depreciation in accordance with the provision of clause (a) of section 6 by way of remuneration to all the partners taking part in the conduct of business of the establishment shall also be deducted, but where the partnership agreement, whether oral or written, provides for the payment of remuneration to any such partner, and – (i) the total remuneration payable to all such partners is less than the said 25 per cent the amount payable, subject to a maximum of forty-eight thousand rupees to each such partner; or (ii) the total remuneration payable to all such partners is higher than the said 25 per cent such percentage, or a sum calculated at the rate of forty-eight thousand rupees to each such partner, whichever is less, shall be deducted under this proviso; Provided also that where such employer is an individual or a Hindu undivided family- (i) an amount equal to 25 percent of the gross profits derived by such employer from the establishment in respect of the accounting year after deducting depreciation in accordance with the provisions of clause (a) of section 6; or (ii) forty-eight thousand rupees; whichever is less, by way of remuneration to such employer, shall also be deducted. 29 (1) (2) (3)