The Payment of Bonus Act, 1965, 21 of 1965 (Rep., Act 29 of 2019) section 39: Sa…

Repealed or not in force · As amended up to 2026-08

(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 had commenced on the 29th May, 1965. THE GAZETTE OF IltolA BXTRAORi)INAKV [PART II THE FIRST SCHEDULE [See section 4 (a)] COMPUTATION OF GROSS PROFITS Accounting Year ending |Item|Particulars Amount of|Amount of|Remarks| |---|---|---|---| |No.|sub-items|main items|| ||Rs.|Rs.|| |• 1 .|_Net Profit as_shown in||| ||the Profit and Loss||| ||Account after making||| ||usual and necessary pro-||| ||visions.||| |2.|_Add back_provision for ;||| ||(a) Bonus to employees.||| ||_(b)_Depreciation.||| ||_(c)_Development Rebate|_See_foot-note (1)|foot-note (1)| ||Reserve.||| ||_(d)_Any other reserves.|_See_foot-note (1)|foot-note (1)| ||Total of Item No. 2 ] *s.||| |3-|_Add back_also :||| ||_(a)_Bonus paid to emplo- yees in respect of pre- vious accounting years|_See_foot-note (1)|foot-note (1)| ||_(b)_Donations in excess||| ||of the amount admis-||| ||sible for income-tax.||| *Where the profit subject to taxation is shown in the Profit and Loss Account and the provision made for taxes on income is shown) the actual provision for taxes on income •hall be deducted from the profit. SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 10 of 1949. 39. Save as otherwise expressly provided, the provisions of this Act shall be in addition to and not in derogation of the Indus- 14 of 1947. trial Disputes Act, 1947, or any corresponding law relating to investigation and settlement of industrial disputes in force in a State. Power to make rules. Application of certila laws oot barred. 8 of 1965. 40. (2) The Payment of Bonus Ordinance, 1965, hereby repealed. Repeal and saving. Item Particulars Amount of Amount of Remarks No. sub-items main items Rs. Ra. (c) Capital expenditure See foot-note (1) (other than capital expenditure on scientific research which is allowed 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). (d) Any amount certified by the Reserve Bank of India in terms of sub-section (2) of section 34A of the Banking Companies Act, 1949, (e) 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 — CO capital receipts and capital profits (including profits on the sale of capital 534 RS—4 |434|THE GAZETTE OF INDIA EXTBAOHDINARY|THE GAZETTE OF INDIA EXTBAOHDINARY|THE GAZETTE OF INDIA EXTBAOHDINARY|[PAETII| |---|---|---|---|---| |Item|Particulars|Amount of|Amount of|Remarks| |No.||sub-items|main items|| |||Rs.|Ra.|| ||assets on which de-|||| ||preciation has not|||| ||been allowed for|||| ||income-tax) ;|||| ||(«) profits of, and re- ceipts relating to, any business situat- ed outside India ;|||| ||(MI)income of foreign|||| ||banking companies|||| ||from investments|||| ||outside India.|||| ||Net total of Item No. 4|Rs.||| |5-|Total of Item Nos. 1, 2, 3|||| ||and 4.||1 Rs.|| |6.|Deduct:|||| ||(a) Capital receipts and capital profits (other than profits on the sale of assets on||_See_foot-note (2)|| ||which depreciation has been allowed for|||| ||income-tax).|||| ||_(b)_Profits of, and re-||_See_foot-note (2)|| ||ceipts relating to,|||| ||any business situated|||| ||outside India.|||| ||(c) Income of foreign||_See_foot-note (2)|| ||banking companies|||| ||from investments|||| ||outside India.|||| ||_(d)_Expenditure or losses|||| ||(if any) debited di-|||| ||rectly to published|||| ||or disclosed reserves,|||| ||other than—|||| ||(1) capital expen-|||| ||diture and capi-|||| ||tal losses (other|||| SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY |Item|Particulars|Amount of|Amount of|Remarks| |---|---|---|---|---| |No.||sub-items|main Items|| |||Rs.|Rs.|| ||than losses on sale|||| ||of capital assets on which depre- ciation has not|||| ||been allowed for|||| ||income-tax) ;|||| ||(w) losses of any|||| ||business situated|||| ||outside India.|||| ||(«) In the case of|||_See_foot-note (3)| ||foreign banking com-|||| ||panies proportionate|||| ||administrative (over-|||| ||head) expenses of|||| ||Head Office alloca-|||| ||ble to Indian busi-|||| ||ness.|||| ||(/) Refund of any excess direct tax paid for previous accounting yeanand excess pro- vision, if any, of previous accounting years, relating to bonus, depreciation, or development re- bate,if written back.|||_Set_foot-note (2)| ||_(g)_Subsidy, if any, re- ceived from Govern-|||_See_foot-note (2)| ||ment or from :uiy|||| ||body corporate es-|||| ||tablished by any|||| ||law for the time being|||| ||in force.|||| ||Total of Item No. 6|Rs.||| |7-|Gross Profits for purposes of|||| ||bonus (Item No. 5 minus|||| ||Item No. 6).||Rs.|| Foot-notes — (1) If, and to the extent, charged to Profit and Loss Account. (2) If, and to the extent, credited to Profit and Loss Account. (3) In the proportion of Indian Gross Profit (Item No. 7) to Total World Gross Profit (aa per consolidated Profit »nd LQSS Account, adjusted as in Item No. 2 above only). 519 GIP Ex.—4. THK GAZETTE OF INDIA EXTRAORDINABY [PART II

Source: India Code