Amendment status not verified — confirm the current text below against the official source.
Any employer falling under Item No. 1 or Item No, 3 or Item No. 4 or Item No. 5 and being a licensee within the meaning of the Electricity (Supply) Act, 1948(54 of 1948) In addition to the sums deductible under any of the aforesaid Items, such sums as are required to be appropriated by the licensee in respect of the accounting year to a reserve under the Sixth Schedule to that Act Shall also be deducted. Explanation.—The expression “reserves” occurring in column (3) against Item Nos. 1[1(iii), 2(iii) and 3(ii)] shall not include any amount set apart for the purpose of— (i) payment of any direct tax which, according to the balance-sheet, would be payable; (ii) meeting any depreciation admissible in accordance with the provisions of clause (a) of section 6; (iii) payment of dividends which have been declared, but shall include— (a) any amount, over and above the amount referred to in clause (i) of this Explanation, set apart as specific reserve for purpose of payment of any direct lax; and (b) any amount set apart for meeting any depreciation in excess of the amount admissible in accordance with the provisions of clause (a) of section 6. 1 Subs, by Act 66 of 1980, sec. 20, for “l(iii) and 3(ii)” (w.r.e.f. 21-8-1980). 12(2) The Payment of Bonus Rules, 1975 1[THE FOURTH SCHEDULE (See sections 15 and 16) In this Schedule, the total amount of bonus equal to 8.33 per cent, of the annual salary or wage payable to all the employees is assumed to be Rs. 1,04,167. Accordingly, the maximum bonus to which all the employees are entitled to be paid (twenty per cent, of the annual salary or wage of all the employees) would be Rs. 2,50,000. Year Amount equal to sixty per cent or sixty- seven per cent as the case may be or available surplus allocable as bonus Amount payable as bonus Set on or set off of the year carried forward Total set on or set off Carried forward Rs. Rs. Rs. Rs. of (year)