Labour laws course materials




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Provided that if an employer in relation to an existing establishment consisting of different departments or undertakings or branches (whether or not in the same industry) set up at different periods has, before the 29th May, 1965, been paying bonus to the employees of all such departments or undertakings or branches irrespective of the date on which such departments or undertakings or branches were set up, on the basis of the consolidated profits computed in respect of all such departments or undertakings or branches, then, such employer shall be liable to pay bonus in accordance with the provisions of this Act to the employees of all such departments or undertakings or branches (whether set up before or after that date) on the basis of the consolidated profits computed as aforesaid.
17. Adjustment of customary or interim bonus against bonus payable under the Act. –

Where in any accounting year –

(a) an employer has paid any puja bonus or other customary bonus to an employees ; or

(b)an employer has paid a part of the bonus payable under this Act to an employee before the date on which such bonus becomes payable;

then, the employer shall be entitled to deduct the amount of bonus so paid from the amount of bonus payable by him to the employee under this Act in respect of that accounting year and the employee shall be entitled to receive only the balance.
18. Deduction of certain amounts from bonus payable under the Act. - Where in any accounting year, an employee is found guilty of misconduct causing financial loss to the employer, then, it shall, be lawful for the employer to deduct the amount of loss from the amount of bonus payable by him to the employee under this Act in respect of that accounting year only and the employee shall be entitled to receive the balance, if any.

19. Time-limit for payment of bonus - All amounts payable to an employee by way of bonus under this Act shall be paid in cash by his employer-

(a) where there is a dispute regarding payment of bonus pending before any authority under Sec.22, within a month from the date on which the award becomes enforceable or the settlement comes into operation, in respect of such dispute;

(b) in any other case, within a period of eight months from the close of the accounting year :

Provided that the appropriate Government or such authority as the appropriate Government may specify in this behalf may, upon an application made to it by the employer and for sufficient reasons, by order, extend the said period of eight months to such further period or periods as it thinks fit ; so, however, that the total period so extended shall not in any case exceed two years.
20. Application of Act to establishments in public section in certain cases - If in any accounting year an establishment in public section sells any goods produced or manufactured by it or renders any services, in competition with an establishment in private sector, and the income from such sale or services or both is not less than twenty per cent of the gross income of the establishment in public sector for that year, then, the provisions of this Act shall apply in relation to such establishment in public sector as they apply in relation to a like establishment in private sector.

(2) Save as otherwise provided in sub-section (1), nothing in this Act shall apply to employees employed by any establishment in public sector.


21. Recovery of bonus due from an employer - Where any money is due to an employee by way of bonus from his employer under a settlement or an award or agreement, the employee himself, or any other person authorized by him in writing in this behalf, or in the case of the death of the employee, his assignee or heirs may, without prejudice to any other mode of recovery made an application to the appropriate Government for the recovery, of the money due to him, and if the appropriate Government or such authority as the appropriate Government may specify in this behalf is satisfied that any money is so due, it shall issue a certificate for that amount to the Collector who shall proceed to recover the same in the same manner as an arrear of land revenue :

Provided that every such application shall be made within one year from the date on which the money became due to the employee from the employer :

Provided further that any such application may be entertained after the expiry of the said period of one year, if the appropriate Government is satisfied that the applicant had sufficient cause for not making the application within the said period. Explanation - In this section and in Secs. 22,23,24 and 25, "employee" includes a person who is entitled to the payment of bonus under this Act but who is no longer in employment.
22. Reference of dispute under this Act. - Where any dispute arises between an employer and his employees with respect to the bonus payable under this Act or with respect to the application of this Act to an establishment in public sector, then, such dispute shall be deemed to be an industrial dispute within the meaning of the Industrial Dispute Act, 1947 (14 of 1947), or of any corresponding law relating to investigation and settlement of industrial disputes in force in a State and the provisions of that Act or, as the case may be, such law, save as otherwise expressly provided, apply accordingly.
23. Presumption about accuracy of balance-sheet and profit and loss account of corporations and companies –

(1) Where, during the course of proceedings before any arbitrator or tribunal under the Industrial Disputes Act, 1947 (14 of 1947), or under any corresponding law relating to investigation and settlement of industrial disputes in force in a State (hereinafter in this section and in Secs.24 and 25, referred to as the "said authority" to which any dispute of he nature specified in Sec.22 has been referred, the balance-sheet and the profit and loss account of an employer, being a corporation or a company (other than a banking company), duly audited by the Comptroller and Auditor-General of India or by auditors duly qualified to act as auditors of companies under sub-section (1) of Sec.226 of the Companies Act,, 1956 (1 of 1956), are produced before it, then the said authority may presume the statements and the particulars contained in such balance-sheet and profit and loss account to be accurate and it shall not be necessary for the corporation or the company to prove the accuracy of such statements and particulars by the filing of an affidavit or by any other mode:



Provided that where the said authority is satisfied that the statements and particulars contained in the balance-sheet or the profit and loss account of the corporation or the company are not accurate, it may take such steps as it thinks necessary to find out the accuracy of such statements and particulars.

(2) When an application is made to the said authority by any trade union being a party to the dispute or where there is not trade union, by the employees being a party to the dispute, requiring any clarification relating to any item in the balance-sheet or the profit and loss account, it may, after satisfying itself that such clarification is necessary, by order, direct the corporation or, as the case may be, the company, to furnish to the trade union or the employees such clarification within such time as may be specified in the direction and the corporation or, as the case may be, the company shall comply with such direction.


24. Audited accounts of banking companies not to be questioned –

(1) Where any dispute of the nature specified in Sec.22 between an employer, being a banking company, and its employees has been referred to the said authority under that section and during the course of proceedings the accounts of the banking company duly audited are produced before it, the said authority shall not permit any trade union or employees to question the correctness of such accounts, but the trade union or the employees may be permitted to obtain from the banking company such information as is necessary for verifying the amount of bounds due under this Act.

(2) Nothing contained in sub-section (1) shall enable the trade union or the employees to obtain any information which the banking company is not compelled to furnish under the provisions of Sec. 34-A of the Banking Regulation Act, 1949 (10 of 1949).
25. Audit of accounts of employers, not being corporations or companies –

(1) where any dispute of the nature specified in Section 22 between an employer, not being a corporation or a company, and his employees has been referred to the said authority under that section and the accounts of such employer audited by any auditor duly qualified to act as auditor of Companies under sub-section (1) of Section 226 of the Companies Act, 1956 (1 of 1956), are produced before the said authority, the provisions of Section 23, shall, so far as may be, apply to the accounts so audited.

(2) when the said authority finds that the accounts of such employer have not been audited by any such auditor and it is of opinion that an audit of the accounts of such employer is necessary for deciding the question referred to it, then it may, by order, direct the employer to get his accounts audited within such time as may be specified in the direction or within such further time as it thinks fit and thereupon the employer shall comply with such direction.

(3) where an employer fails to get the accounts audited under sub-section (2) the said authority may, without prejudice to the provisions of Sec.28 get the accounts audited by such auditor or auditors as it thinks fit.

(4)when, the accounts are audited under sub-section (2) or sub-section (3) the provisions of Sec.23 shall, so far as may be, apply to the accounts so audited.

(5) the expenses of, and incidental to, any audit under sub-section (3) (including the remuneration of the auditor or auditors) shall be determined by the said authority (which determination shall be final) and paid by the employer and in default of such payment shall be recoverable from the employer in the manner provided in Sec.21


26. Maintenance of register, records, etc. –

Every employer shall prepare and maintain such registers, records and other documents in such form and in such manner as may be prescribed.


27. Inspectors - (1) The appropriate Government may, by notification in the official Gazette, appoint such persons as it thinks fit to be Inspectors for the purpose of this Act and may define the limits within which they shall exercise jurisdiction.

  1. An inspector appointed under sub-section(1) may, for the purpose of ascertaining whether any of the provisions of this Act has been complied with-

(a) require an employer to furnish such information as he may consider necessary ;

(b ) at any reasonable time and with such assistance, if any, as he thinks fit, enter any establishment or any premises connected therewith and require any one found in charge thereof to produce before him for examination any accounts, books, registers and other documents relating to the employment of persons or the payment of salary or wage or bonus in the establishment;

(c) examine with respect to any matter relevant to any of the purposes aforesaid, the employer, his agent or servant or any other person found in charge of establishment or any premises connected therewith or any person whom the Inspector has reasonable cause to believe to be or to have been an employee in the establishment ;

(d) make copies of, or take extracts from, any book, register or other document maintained in relation to the establishment ;

(e) exercise such other powers as may be prescribed.


  1. Every Inspector shall be deemed to be a public servant within the meaning of the Indian Penal Code (45 of 1860).

  2. An person required to produce any accounts, book, register or other document or to give information by an Inspector under sub-section (1) shall be legally bound to do so.

(5) Nothing contained in this section shall enable an Inspector to require a banking company to furnish or disclose any statement or information or to produce, or give inspection of, any of its books of account or other documents, which a banking company cannot be compelled to furnish, disclose, produce or give inspection of, under the provisions of Sec. 34-A of the Banking Regulation Act, 1949( 10 of 1949)].
28. Penalty - If any person - (a) Contravenes any of the provisions of this Act or any rule made there under; or (b) To whom a direction is given or a requisition is made under this Act fails to comply with the direction or requisition. He shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to one thousand rupees, or with both.
29. Offences by companies - (1) If the person committing an offence under this Act is a company, every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:

provided that nothing contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be proceeded against and punished accordingly.

Explanation - For the purposes of this section - (a) "Company" means any body corporate and includes a firm or other association of individuals ; and (b) "Director", in relation to a firm, means a partner in the firm.
30. Cognizance of offences:- (1) No court shall take cognizance of any offence punishable under this Act, save on complaint made by or under the authority of the appropriate Government, or an officer of that Government (not below the rank of a Regional Labour Commissioner in the case of an officer of the Central Government and not below the rank of a labour commissioner the case of an officer of the State Government) specially authority in this behalf by that Government.

(2) No Court inferior to that of a presidency magistrate or a magistrate of the first class shall try any offence publishable under this Act.



31. Protection of action taken under the Act. - No suit, prosecution or other legal proceeding shall lie against the Government or any officer of the Government for anything which is in good faith done or intended to be done in pursuance of this Act or any rule made there under.
31-A. Special provision with respect to payment of bonus linked with production or productivity - Notwithstanding anything contained in this Act, -

(i)Where an agreement or a settlement has been entered into by the employees with their employer before the commencement of the Payment of Bonus (Amendment) Act, 1976 (23 of 1976), or

(ii) Where the employees enter into any agreement with their employer after such commencement,

for payment of an annual bonus linked with production or productivity in lieu of bonus based on profits payable under this Act, then, such employees shall be entitled to receive bonus due to them under such agreement or settlement, as the case may be:



Provided that any such agreement or settlement whereby the employees relinquish their right to receive the minimum bonus under Sec.10 shall be null and void in so far as it purports to deprive them of such right :

Provided further that] such employees shall not be entitled to be paid such bonus in excess of twenty per cent, of the salary or wage earned by them during the relevant accounting year.]
32. Act not to apply to certain classes of employees. - Nothing in this Act shall apply to –

(i)Employees employed by any insurer carrying on general insurance business and the employees employed by the Life Insurance Corporation of India ;

(ii) Seaman as defined in Cl. (42) of Sec.3 of the Merchant Shipping Act, 1958 (44 of 1958) ;

(iii)Employees registered or listed under any scheme made under the Dock Workers (Regulation of Employment) Act, 1948 (9 of 1948), and employed by registered or listed employers ;

(iv)Employees employed by an establishment engaged in any industry carried on by or under the authority of any department of the Central Government or a State Government or a local authority ;

(v)Employees employed by –



  1. the Indian Red Cross Society or any other institution of a like nature (including its branches) ;

  2. universities and other educational institutions ;

  3. institutions (including hospitals, chambers of commerce and society welfare institutions) established not for purposes of profit ;

(vi)employees employed through contractors on building operations ;

(vii ) ****

(viii)employees employed by the Reserve Bank of India ;

(ix)employees employed by –

(a)the Industrial Finance Corporation of India;

(b) by Financial Corporation established under Sec.3, or any Joint Financial Corporation established under Sec. 3-A of the State Financial Corporations Act, 1951 (63 of 1951) ;

(c )the Deposit Insurance Corporation ;
(d) the National Bank for Agriculture and Rural Development;

(e) the Unit Trust of India ;

(f) the Industrial Development Bank of India ;

(fa)The Small Industries Development Bank of India established under section 3 of the Small Industries Development Bank of IndiaAct,1989.


(ff) the National Housing Bank

(g) Any other financial institution otherthan a banking company], being an establishment in public sector, which the Central Government may, by notification in the official Gazette, specify having regard to –

(i) its capital structure ;

(ii) its objectives and the nature of its activities;

(iii)the nature and extent of financial assistance or any concession given to it by the Government; and

(iv) any other relevant factor ;



(xi) Employees employed by inland water transport establishments operating on routes passing through any other country.
33. [Act to apply of certain pending dispute regarding payment of bonus.] Rep. by the Payment of Bonus (Amendment) Act, 1976 (23 of 1976), Section 21 (w.e.f. 25th September, 1975).
34. Employees and employers not to be precluded from entering into agreements for grant of bonus under a different formula. - Nothing contained in this Act shall be construed to preclude employees employed in any establishment or class of establishments from entering into agreements with their employer for granting them an account of bonus under a formula which is different for that under this Act :

Provided that no such agreement shall have effect unless it is entered into with the previous approval of the appropriate Government :

Provided further that any such agreement whereby the employees relinquish their right to receive the minimum bonus under sub-section (2-A) of Section 10 shall be null and void in so far as it purports to deprive them of such right :

Provided also that such employees shall not be entitled to be paid bonus in excess of -(a) 8.33 per cent of the salary or wage earned by them during accounting year if the employer has no allocable surplus in the accounting year or the amount of such allocable surplus is only so much that, but for the provisions of sub-section (2-A)of Section 10, it would entitle the employees only to receive an amount of bonus which is less than the aforesaid percentage, or (b) Twenty per cent, of the salary or wage earned by them during the accounting year.
34-A. - Effect of laws and agreements inconsistent with the Act. - Subject to the provisions of Sections 31-A and 34, the provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in the terms of any award, agreement, settlement or contract of service.
35. Saving - Nothing contained in this Act shall be deemed to affect the provisions of the Coal Mines Provident Fund and Bonus Schemes Act, 1948 (46 of 1948), or of any scheme made there under.
36. Power of exemption - If the appropriate Government, having regard to the financial position and other relevant circumstances of any establishment or class of establishments, is of opinion that it will not be in public interest to apply all or any of the provisions of this Act thereto, it may, by notification in the official Gazette, exempt for such period as may be specified therein and subject to such conditions as it may think fit to impose, such establishment or class of establishments from all or any of the provisions of this Act.
37. [Power to remove difficulties] Rep. by the Payment of Bonus (Amendment) Act, 1976 (23 of 1976), Section 23 (w.e.f. 25th September, 1975).
38. Power of make rules. - (1) The Central Government may make rules for the purpose of carrying into effect the provision of this Act.

  1. In particular, and without prejudice to the generality of the foregoing power, such rules may provide for –

(a) the authority for granting permission under the proviso to sub-clause (iii) of Cl. (I) of Sec.2 ;

(b) the preparation of registers, records and other document and the form and manner in which such registers, records and documents may be maintained under Sec.26 ;

(c)the powers which may be exercised by an inspector under Cl. (e) of sub-section (2) of Sec.27 ;

(d)any other matter which is to be, or may be prescribed.

(3) Every rule made under this section shall be laid as soon as may be after it is made, before each House of Parliament while it is in session for a total period of thirty days, which may be comprised in one session or in two or more successive session], and if before the expiry of the session immediately following the session or the successive sessions aforesaid], both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect as the case may be; so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

39. Application of certain laws not barred. - Save as otherwise expressly provided, the provisions of this Act shall be in addition to and not in derogation of the industrial Disputes Act, 1947 (14 of 1947) or any corresponding law relating The Orient Tavern investigation and settlement of industrial disputes in force in a State.
40. Repeal and saving - (1) The Payment of Bonus Ordinance, 1965 (3 of 1965) is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under this Act as if this Act commenced on the 29th May, 1965.



THE FIRST SCHEDULE

[See Sc.4 (a)]



Computation of Gross Profits

Accounting Year Ending ……….

Item No. Particulars Amount of Amount of Remarks

sub-items main items



  1. 2 3 4 5

1. Net Profit

as shown in

the profit and loss

Account after making

usual and necessary

provisions


  1. Add back provision for

  2. a. Bonus to employees b. Depreciation c. Development Rebate Reserve (If, and to the extent, charged to Profit and Loss Account)d. Any other reserves.(If, and to the extent, charged to Profit and Loss Account)Total of item No.

Rs.

3. Add back also:(a) Bonus paid to employees in respect of previous accounting years.(If, and to the extent, charged to Profit and Loss Account)(b) The amount debited in respect of gratuity paid or payable to employees in excess of the aggregate of - i. The amount, if any, paid to, or provided for payment to, an approved gratuity fund ; and ii. The amount actually paid to employees on their retirement or on termination of their employment for any reason.(c) Donations in excess of the amount admissible for income-tax.(d) Capital expenditure (other than capital expenditure on scientific research which is allowed to as a deduction under any law for the time being in force relating to direct taxes) and capital losses (other than losses on sale of capital assets on which depreciation has been allowed for income-tax).(If, and to the extent, charged to Profit and Loss Account)(e) Any amount certified by the Reserve Bank of India in terms of sub-section (2) of Sec.34-A the Regulation Act, 1949 (10 of 1949)(f) Losses of, or expenditure relating to any business situated outside India.

Total of Item No.3 Rs.

4. Add also income, profits or gains (if any) credited directly to published or disclosed reserves, other than - (i) Capital receipts and capital profits (including profits on the sale of capital assets on which depreciation has not been allowed for income-tax);(ii) Profits of and receipts relating to, any business situated outside India ; (iii) Income of foreign banking companies from investments outside India.

Net total Item No.4 Rs.

5. Total of Item Nos. 1,2,3 and 4.

Rs.

6. Deduct :(If, and to the extent, credited to Profit and Loss Account)(a) Capital receipts and capital profits (other than profits on the sale of assets) on which depreciation has been allowed for income-tax.(b) Profits of, and receipts relating to any business situated outside India.(c) Income of foreign banking companies from investments outside India.(d) Expenditure or losses (if any) debited directly to published or disclosed reserves, other than - i. Capital expenditure and capital losses (other than losses on sale of capital assets on which depreciation has not been allowed for income-tax); ii. Loses of any business situated outside India.(e) In the case of foreign banking companies proportionate administrative (overhead) expenses of Head Office allocable to Indian business.(If, and to the extent, credited to Profit and Loss Account)(f) Refund of any excess direct tax paid for previous accounting years, relating to bonus, depreciation, or development rebate, if written back.(If, and to the extent, credited to Profit and Loss Account)(g) Cash subsidy, if any, given by the Government or by any body corporate established by any law for the time being in force of by any other agency through budgetary grants, whether given directly or through any agency for specified purposes and the proceeds of which are reserved for such purposes.(If, and to the extent, credited to Profit and Loss Account)



Total of Item No.6 Rs.

7. Gross Profits for purposes of bonus

(Item No.5 minus Item No.6) Rs.

Explanation - In sub-item (b) of item 3, "approved gratuity fund" has the same meaning assigned to it in Cl. (5) of Sec.2 of the Income-tax Act.]

[Note: Renumbered by Act 66 of 1980 (w.e.f. 21st August, 1980)

[THE SECOND SCHEDULE][(Note: Subs. by ibid, Sec.19) See Sec. 4 (b)]Computation of Gross Profits Accounting Year ending …………Item No. Particulars Amount of sub-items Amount of main items Remarks

1. Net Profit as per Profits and Loss Account.

2. Add back provision for :a. Bonus to employees. b. Depreciation. c. Direct taxes, including the provision (if any) for previous accounting years. (If, and to the extent, charged to Profit and Loss Account.) d. [(Note: Subs. by Act 66 of 1980, Sec.19) Development rebate/Investment allowance/Development allowance reserve.] (If, and to the extent, charged to Profit and Loss Account.) e. Any other reserves

Total of Item No.2 Rs.

3. Add back also:(If, and to the extent, charged to Profit and Loss Account.)(a) Bonus paid to employees in respect of previous accounting years.[(aa) (Note: Ins. by Act 23 of 1976, Sec.26 (w.e.f. (25th September, 1975)) The amount debited in respect of gratuity paid or payable to employees in excess of the aggregate of -i. The amount, if any, paid to, or provided for payment to, an approved gratuity fund ; and ii. The amount actually paid to employees on their retirement or on termination of their employment for any reason.](b) Donations in excess of the amount admissible for income-tax.(c) Any annuity due, or commuted value of any annuity paid, under the provisions of Sec. 280-D of the Income-tax Act during the accounting year.(d) Capital expenditure (other than capital expenditure on scientific research which is allowed as deduction under any law for the time being in force relating to direct taxes) and capital losses (other than losses on sale) of Capital assets on which depreciation has been allowed for income-tax or agricultural income-tax).(e) Losses of, or expenditure relating to, any business situated outside India.

Total of Item No.3

4. Add also Income, profits or gains (if any) credited directly to reserves, other than - i. Capital receipts and capital profits including profits on the sale of capital assets on which depreciation has not been allowed for income-tax or agricultural income-tax ; ii. Profits of, and receipts relating to, any business situated outside India ; iii. Income of foreign concerns from investments outside India.

Net total of Item No.4

5. Total of Item Nos. 1,2,3 and 4.

6. Deduct :(a) Capital receipts and capital profits (other than profits on the sale of assets on which depreciation has been allowed for income-tax or agricultural income-tax).(b) Profits of, and receipts relating to, any business situated outside India.(c) Income of foreign concerns from investments outside India.(d) Expenditure or losses (if any) debited directly to reserves, other than - i. Capital expenditure and capital losses (other than losses on sale of capital assets on which depreciation has not been allowed for income-tax or agricultural income-tax) ; ii. Losses of any business situated outside India.(e) In the case of foreign concerns proportionate administrative (over head) expenses of Head Office allocable to Indian business.(In the proportion of Indian Gross Profit (Item No.7) to Total World Gross Profit (as per Consolidated Profit and Loss Account, adjusted as in Item No.2 above only).(f) Refund of any direct tax paid for previous accounting years and excess provision, if any, of previous accounting years relating to bonus, depreciation, taxation or development rebate or development allowance, if written back.(Ins. by s 26. (w.e.f. 25th September, 1975)(g) [(Note: Subs. by Act 23 of 1976) Cash subsidy, if any, given by the Government or by body corporate established by any law for the time being in force or by any other agency for specified purposes and the proceeds of which are reserved for such purposes.]

Total of Item No.6 Rs.

7. Gross Profits for purposes of bonus (item No.5 minus Item No.6)

Rs.


[(Ins. by s 26. (w.e.f. 25th September, 1975) Explanation - In sub-item (aa) of Item 3, "approved gratuity fund" has the same meaning assigned to it in Cl. (5) of Sec.2 of the Income-tax Act.]

[(Note: Renumbered by Act 66 of 1980, (w.e.f. 21st August, 1980)THE THIRD SCHEDULE][See Sec.6 (d)] Item No. Category of employer Further sums to be deducted

(1) (3)

1. [(Note: Subs. by ibid, Sec.20) Company, other than a banking company] i. The dividends payable on its preference share capital for the accounting year calculated at the actual rate at which such dividends are payable]; ii. 8.5 percent of its paid-up equity share capital as at the commencement of the accounting year ; iii. 6 percent of its reserves shown in its balance-sheet as at the commencement of the accounting year, including any profit carried forward from the previous accounting year :Provided that where the employer is a foreign company within the meaning of Sec.591 of the Companies Act, 1956 (1 of 1956) the total amount to be deducted under this Item shall be 8.5 per cent on the aggregate of the value of the net fixed assets and the current assets of the company in India after deducting the amount of its current liabilities (other than any amount shown as payable by the company to its Head Office whether towards any advance made by the Head Office or otherwise or any interest paid by the Company to its Head Office) in India.



2. (Note: Ins. by Act 66 of 1980, (w.e.f. 21st August, 1980). i. The Dividends payable on its preference share capital for the accounting year calculated at the rate at which such dividends are payable ; ii. 7.5 per cent of its paid-up equity share of capital as at the commencement of the accounting year ; iii. 5 per cent of its reserves shown in its balance-sheet as at the commencement of the accounting year, including any profits carried forward from the previous accounting year ; iv. Any sum which, in respect of the accounting year, is transferred by it- a. To a reserve fund under sub-section (1) of Sec.17 of the banking Regulation Act, 1949 (10 of 1949) ; or b. To any reserves in India in pursuance of any direction or advice given by the Reserve Bank of India, Whichever is higher :Provided that where the banking company is foreign company within the meaning of Sec.591 of the Companies Act, 1956 (1 of 1956), the amount to be deducted under this item shall be the aggregate of -i. The dividends payable to its preference shareholders for the accounting year at the rate at which such dividends are payable on such amount as bears the same proportion to its total preference share capital as its total working funds in India bear to its total world working funds ; ii. 7.5 per cent, of such amount as bears the same proportion to its total paid-up equity share capital as its total working funds in India bear to its total working funds ; iii. 5 per cent of such amount as bears the same proportion to its total disclosed reserves as its total working funds in India bear to its total working funds ; iv. any sum which, in respect of the accounting year, is deposited by it with the Reserve Bank of India under sub-clause (ii) of Cl. (b) of sub-section (2) of Sec.11 of the Banking Regulation Act, 1949 (10of 1949), not exceeding the amount required under the aforesaid provision to be so deposited.]

3. Corporation i. 8.5 per cent 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 commencement of the accounting year including any profits carried forward from the previous accounting year.

4. Co-operative-society i. 8.5 per cent, of the capital invested by such society in its establishment 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 reserve fund under any law relating to co-operative societies for the time being in force.

5. Any other employer not failing under any of the aforesaid categories. 8.5 per cent, of the capital invested by him in his establishment as evidenced from his books of accounts at the commencement of the accounting year ; Provided that where such employer is a person to whom Chapter XXII-A 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 provisions of Cl. (a) of Sec.6 by way of remuneration to all the partners taking part in the conduct of business of establishment shall also be deducted, where 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 percent. Such percentage, or a sum calculated at the rate of forty-eight thousand rupees to each such partner, which ever 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 per cent 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 Cl. (a) of Sec.6, or ii. Forth-eight thousand rupees whichever is less, by way of remuneration to such employer, shall also be deducted.

6. Any employer failing under Item No.1 or Item No.3 or Item No.4 or Item No.5 and being a licensee within the meaning or the Electricity (Supply) Act, 1948 (54 of (1948). In additional 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. [(Note: Omitted by Act 23 of 1976, and by Act 43 of 1977, Sec.19 (w.e.f. 3rd July 1977) 1 (iii), 2 (ii), 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 Cl. (a) of Sec.6 ; (iii) Payment of dividends which have been declared but shall include - (a) Any amount, over and above the amount referred to in Cl. Of payment of any direct tax; and (b) Any amount set apart for meeting any depreciation in excess of the amount admissible in accordance with the provisions of Cl. (a) of Sec.6].




[(Note: Subs. by Act 66 of 1980, (w.e.f. 21st August,1980)

THE FOURTH SCHEDULE]

(See Secs. 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 percent or sixty-seven percent, as the case may be, or available surplus allocable as bonus.

Amount payable as bonus

Set on or set off the year carried forward

Total set on or set off carried forward

1

2

3

4

5

Rs. Rs. Rs. Rs. Of year

1.

1,04,167

1,04,167**

Nil

Nil

 

2.

6,35,000

2,50,000*

Set on

2,50,000*



Set on

2,50,000


(2)

3.

2,20,000

2,50,000*

(inclusive of 30,000 from year-2)



Nil

Set on

2,20,000


(2)

4.

3,75,000

2,50,000*

Set on

1,25,000


Set on

2,20,000


1,25,000

(2)

(4)


5.

1,40,000

2,50,000*

(inclusive of 1,10,000 from year-2)



Nil

Set on

1,10,000


1,25,000

 

(2)


(4)

6.

3,10,000

2,50,000*

Nil

60,000


Set on +

1,25,000


63,300

(2)

(4)


(6)

7.

1,00,000

2,50,000*

(inclusive of 1,25,000 from year-4 and 25,000 from year-6)



Nil

Set on

35,000


(6)

8.

Nil

(due to loss)



1,04,167**

(inclusive of 35,000 from year-6



Set off

69,167


Set off

69,167


(8)

9.

10,000

1,04,167**

Set off

94,167


Set off

69,167


94,167

(8)

(9)


10.

2,15,000

1,04,167**

(after setting off 69,167 from year-8 and 41,666 from year-9)



Nil

Set off

(9)
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