The Payment of Bonus (Amendment) Ordinance, 1980

• ' ' ' ' , . • 1 .• ./"J. '· . •'.,_ ' '} , . ' j ' ' ' I ' ' , .. 1.- t i ~· . . }!!~!sTBun .-,. »· (D).u • t .. • ' • ' • -~ ' , I ; .. • •;r,_-' ~ - ~4ij :;r~;J ~ .. - ' . • ' ' • . I • . ' i ' t ' ' • ctn ·f ~e .• ' -, . ~ . - . ' ' . ' . _....,,. ' • -, ,·' ' EXTRAORDII{ ARY lfl•r· 11 e·ac 1 ' ' PAlft' U--.·Section 1 . '· ' I ' " U\,QEfill ~ 1R'8t•·l?~r~ 1 • - t - f ' i PU.BLISHED -sy .A lTTH·OR.IT\ \Le-gisl.ative Departtnent) . . . .. ' ; - • · . ,- • - - ' .' : ., ' ' - ' ' , ' • • ,_ i ' ) • i \. , / .• -N.ew' Delhi, the .21st AugustJ 198:0/Sra~ana -·30,, 1902 (Saka) ,I t 'I ' I • • ,., THE PAYMENTOF BONUS AMENDMENT• ORDINANCE, , . • I . , ,o,- ' 1' • ' ' - No. 10 <?F T980. .. i _ • • • I • .. ' ' , , ~ "' - ·• I ·~ L .. ... Promulgated by the President in the Thirty-first Year of the - Rept1blic of ·1nd1a. 1 An Ordina.nce further to amend the Payment of 130iius A.ct, 1965. \YHFREAS P·a,rl'iia1n·ent is ·i10t in S.C'ssio·r1 an(l th.c· President i~ s::tti~ficd th1af circumstances exist which render it necessary for bitn to take immediate action; . . • ' ,., ·, ' - - 1 . tifow, THEREF!)RE, in exercise of. the powers conferred by clause. (1) of article •, '. 123 of the Cons1hu iio11, the Pl'esident is o'1eascd to pronn11gate th\! iuHo,ving- I Or din~TlC•c :- - _ , . • • " rt ,. , 1 "' oi '" t ~ '" ,t, • -~ " \. l. (1) This 0rdinanc~ may be called the Payment of Bonus '(Aineiidment) ' - r.. - - ; ,. ' \ \J,IGinun:ce, 19SO. ' ( 2) It shall come into force at -once. • -_, ·sh.art title and COll'l­ mence­ ment~ ' 2. During the period of operation of this Ordinance,. the • Pa:Yment of Bonui Act 21 of Act, 1965 (hete:inafter, referr4...d to :i,; the µrlncip·<ll ,.\i:~) ·~sll h:ri,1e; '.e.ft'~~ .' ~bject 1965 to be to the artt(':ndme111!'S- s~el!tf1id 1n :section!'\ ·3 to 21. ' tempora~ . . : rily amendea., - I -, 'f ,. -' "' ' f ~- • i ,. " j ' i - •~ , .,_ L , T l , __ , - Amend­ ment of sectio·n 2. • I ;t ' .... THE G·AZE"ITE .J)F lNDIA EXTRAORDINARY 3. In sectic1n 2 of the pri11cip·al Act:-- - ", (a) ill s"t1b-clause (a.l of clat.Jse. (4), after th·e words '~being a co~,pany'·J,. the brackets· and words ,,, ( other tha·n a banking .company)'' sh.all be inse:rted; ·( b) ~ in clause ( 8), after the .figu·re·s ,~ 1970;'', ·the word.s, 4 figure;s and brackets "any corresponding .I'IC\'/ 1bank constitut,ed under. secuon 3 0~ t11; Banking Companies (Acqui:;ition anrl Transfer of Undcrt(lkings) Act, 1 C,,60,' 40 of lOIIIJ. S·ubstitu­ tion of new· sec­ tion for section 4. Co1mputa­ ti.on of gros-s profits. Atnend- : m·ent of s-ection 6, shall be in~erted.1 • , ' ' 4~ For .section 4 of th,e. prin~lp~l Act, the foll.o!Ning sedion shall be s11b.stitt1ted:, n.•amely:- •• i ~ , . I " ' • • ., '"'4 ... ']·'hie gro·ss profits deri,,e,d ~y -·nn. c.nJplo·yer fr.tlnl an establishme,nt in resp,ect o·f the !1ccou·11ting year sliall- ,, (.~) i·n th·e case of .a btl'nking compa.ny~ ·be c·al·culated i-n the manner :specified in the •First Schedule; . . . ' ( b) "in any o.ther case; b1e ~~~·~_cuJated i·n the rnann·er specified fu. the ,, ' ,, 'S- --nd s~1 d I .,, · • • .. ec·o _-. ,c .1e tl e~ - . - ' , 5. In, se,~tion 6 of the pri·n,cj·p:al .Act~ .. -- "' ' I • ~ . , ,. .. ,_ ' ' • • II " ' ' - ' (a), in cilause c·b), fo.r tl1e wr,rds ''develop·ment rebate or d:evelopmen.t - allo,,;•·ance''~ the ~'01·ds ''rl,evclopmer1t. rebat~ .o.r inrve:.~tment- allo1"¥.).nc·e or ~-'. ~ -. -deveiopment allowan~ce'' shall be· substi,tuted.; • ·- -. - . ' ( b) in. clause { d):, for· the ·wo1·ds _ ''Seco·.nd, Sc.hed.ute' , ~h~ o/.:ords ''Third Schedule'' shall be subs:tit·uted. ,,. i Amend ... m.e.nt ot ~.eetion V .. ·~ . - -- - -- ; -- - r" t1 •-. ..... r1. ,11-o,.----{>' i!'' _ -,.,,.....;. . ' . ~ .. 6 .. In-section. 7 of the ·pTirtcip"al-:Act, iri -c1aus·6 ( e.) ~~for the brackets and words Su:bs·titu­ ti.on of n.ew ,sec-­ tions for sectia,n 10. Paym·ent oi • •• m1n1m.1:1m b·onus. ' ' ' ' ' ' I ., . ,. ''· ( othe1· tha·n d:·e'1elopm.e:nt rebate JJr developn1e.nt all,owance) ,t, the brackets· and words '' ( ot-her than development reb.ate or investment allow·ance or developtQ~P-t allow-a·nce) '' shall be s·ubstituted. .. , 1 _ 7. For .secti-on 10 o,f subs_tituted, ~~mely: . .. , ' ' ,_ ' ' the principal · Act2 the followin.g ·sections. :sha1·1 b~ ' - I T \ I ' I 71 I I .,_ I •l• I ' • .. '!. , ' '1 O. Subj,ect; to the 0th.er pr·o·visions o,f ·tlii•s Ac·t, every employer shall • • be boun,d to· p.ay to every employ.ee in ·respect of th.e accounting };•c~r commencing o.n any day ·in the y.ea1" 1979 and in resp1ect of every su,bsequ.e·nt' ·?Ccounting year, a minimum bonus ,1vhich shall be ·8.33 per cent. of .the • s·a.lary or wage earned· hr tb.e employee du.1-ing. the acdlu.nti~g~ yea~ or onei bundre·d, rupees, whichever is hd.gher~ whether o.r not the employer ha:s any alloc;ahle stlltplus in the accounting ,year: . ,~. 1 Provided .tha: ·wher.e _ an emplo_yee· has no·t ·com.plet·ed fifteen ye·ars of age at the be·g111n1ng of the accou,ntir1g y·e·ar~ the provisi·ons of this S'ecti,on shaJ.l have effect in relation to such employee '.as. if for the words ~'one­ •hundred rupees·'", the words ''s.ixty rupees·'' w•ere sub.sti.tuted., =-:; ' ,._ "' ,. ' ' ' ' ' ' n ' ,, . . , ,;- · ~ ;.. ,, ' ' ,-. ' :• . ' ' fj; . -" ·n - l t ;, '~ ', ': - "'.:I •c ~ -~ ')~ :,1 .', l~ • -/.~ , . '_, • J .. ~ [~ ~~~ ~r: ,;r; - . ,'"· . . a ' ' , _ ' - sic. d THE GAZ,ETTE OF INDIA EXTRAORDINARY _::::::::::.:_=========== ·----------=-===----:----- 11. (1) Where in respect of an · ----- -_ - ---­ - Y accounting year referred toin section JO, the allocable surplus exceeds the amount of mini·mu bo • bl th . - m nus paya e to e employees under that section the employer· sh· II · 1· f h · · ' a , m . 1eu o sue minimum Payment of maximum bonus. ,, -bonus, be_ b-ound to pay to every employee in respect of that accounting year bonus which shall b: an amount_ in proportion t:o the safory or wage ~amed by the employee dunng the ucconnting year subjec:, tu :t maximu;n of twe-nty - per cent. of such salary or wage. • (2.) In computing the allocable surplus under this section the amm;nt· set on or the ~mcunt set off under the previsions of section J 5 ~hc1U be taken. , into account m accordance with the provisions of that section.'. 8. In section 12 of the principal Act, for the words · and figures "under section 10", the words and figures "und-er section 10 or, as the case may be, under section 11 ;" shall be suhstituted. : I Amend- ' J' , ment of ,· section 12. 9. For section 13 of the principal Act, the following. section shaU; be Sub51itu- substituted, namely:- , > ,; tion of new sec­ tion for , section 13, "13. Where an employee .has not" worked for all the working days in an accounting year, the minimum bonus of one hundred rupees or, as the case may be, of sixty rupees, if such bonus is higher than 8.33 per cent. of his salary or wage for the days he has worked in that accounting year, , shall Qe proportionately reduced.". Propor­ tionate reduction in bonus in certain cases. :1 . .. '10. For section 15 of the principal Act, the following section shall be Substitu- substituted, namely:- . __ ,_,, _ tion of new sec-'·-:, '•: tion for • ,' l . ,, ; "15. (l) Where for any accounting year the_ allocable surplus exceeds the amount of maximum bonus payable to the employees in the establish­ ment under section 11, then, the excess shall, subject to a limit of twenty per cent. of the total salary or wage of the employees employed in the .establish- 'ment in that accounting year, be carried forward for being set on in th{l .~uc­ ceeding accounting year and so on up to and inclusive of the fourth account­ ing year to be utilised fior the purpose o! payment of bonus in. the manner illustrated in the Fourth Schedule. • , ! , . secth:m 15. Set on and set off o_f '. ; _ allocable . , surplus. (2 l 'Where for any accounting year, there is no available surplus or the allocable surplus in respect of that year falls short of the amount of minimum bonus payable tio the employees in the establishment under section 10, and .' there is no amount or sufficient amount carried forward and set on under , , sub-section (1) which could be utilised for the purpose of payment of the!·• , • . minimum bonus then such minimum amount or the deficiency, as the case - ' ' ., . . . may be, shall be carried forward for being set off in the succeeding account.: ·: ing year and so on up to and inclusive of the fourth accounting year in the manner illustrated in the Fourth Schedule. • t ( ~ . ;- (3) The principle of set on and set off as illustrated in · the Fourth • Schedule shall apply to all other cases not covered by sub-section (1) of sub-section (2) for the purpose of payment of bonus under this Act. •' ( 4) Where in any accounting year any amount has been carried for­ ward and set on or set off undu this section, then, in calculating bonus fur : the succeeding accounting year, the amount. of set on or set off carried · for- • ward from the earliest accounting year shall first be taken into account.". • • ·- ' ' r ,' •' ! .1 ' ' ·i ' . ·" " {i. -~ ·,'} ' { t _j . ,. > ,. ,. j ~; ' ' . •.;;.· ~ ,· ,, ; ,~. ~ ~ I ' '.''I ~-t . 1 ' ' . :.:. ' ' ' ~ , ·• t , . ti ': l , -, • •·f r " - Amend ... Audited acco'uiits••i' ; of banki·rig •• - - . .. •• ► ' J _• 'I~ eompa~,ri1.es ... - ·n.o.t f lj 'be·· ' . ' ·t: A ' ques.: ~ · • , ~.:-~~ • tio,ned,, .. . ' • • I r I ' • • ' ' ' ' Amend~ moot~ .,-, .J ' ' • of secti-O•n • ,.. ' ' l ' . . ''24.. (1} ~ere. an·y di·spute of the. nat.~r~ t s~~c~fie~··:~n _, s·ep~!qn '(f2 ., ... between ·an employer, &ei.ng· a b.ankipg eompan!, and its •-~1?-P!?..r~.e,s. ha~ __ oeep_:,, ref·erred to the .,said autl11.o,rity un.der· th.at section and during the cour·se of • proceedin:gs t:he riccounts of tb·e ·bankin,g c1ompan_y du·ly audited are produc­ ed-before it, the said authority shall not ·pe:rmit any trade un.ion or e·mployee·s ·to questio·~ the correctne-ss of s·uch ac.count~,. hut the trade union or the employees m~y be pennitte·d Jo obtai11 from the ba.nking com:p•any suc·h information as is necessary for· verifying the am·ount of bonus due under ' • I - ·• ' ·this Act . l (2') :Nothing contained jn sub-.. ·s1ection (1) shall enab·le the t.rade ·union ·Or _ the .e~plo~es .~o ?·b~ain any info~~~~~o~: which -~e,J ~~,~'~·~ . Fopi.J;>a~~.:. is no·t1 copipeJled to fum·1sh under ·the prov1s1on.s ,of se·ct:o:n,2.4<\ .~f ~e-~~E,k~~l .~: Regulation Aet, 1.949.1', a 10 of.1949 • ' ~ ... ,, .27 ' • I , \., ' ·; . ., , . . . I \ ' - ''(5.J ~1otb11.1g contained in this• secti-on s~all enable an Inspect.or to Am.end­ ment of section 30. Amend­ moot of s·eetion 31A. .J' • require a banking co1~pany to furnish _or disclos~ ally shit_eriient_ o:; 'inf~r~a­ tion or· -to ,produce, or give in.spe~fio·n· of, any of , its boo·ks •• ·of accou~-t or oth'~~ doc~ment&, w~~h a banki_ng: com~a-ny cann9·t . 'b.e, ,- 1 compelle,µ_ to .. furnish, dJsclose, produce or give inspectiqn o.f, under . • the provisions ., of section 34A of tl1e Bankin.g Regulatiron· Aat, 194.9.'/ .• i·· t • 1 • • ••• ,~ .:~ , • • i ~ 6.?~ 10,of 1949-. ,., • • - ,....,,.,_.,.....,..,.,,. ,. - · - - - - - ' ' ' ' ' I ,I '' ' -. -,., ' -' .'• L - " _,, ' ' " · .. ,, - · ,/', _, . . -· .;: ;-;, __ , ~•.; • ·, , ' , ; • • . , 1 " . . , ' . ,:', ' '' _, ,,-; . . ., , ~~ ' . •'l - ,. ' _! . . • " ,.,;~ ' ' f .!;¥ , . .. ' <;,!. ' .( . I ' •• ~.- ' ·, . , . . . _ .,, , ' .. I , 0 i ,, 7:· • ·i ' + C -., ] .• _, ' (.- ,, . ' -. -r ~>. d,, . ,. . ;~ ' ~::, "( . ,. . ' . ' • , t : i·' C •• l. ~~-.. ;c._':.: , , f:. , I ~· " ' ,. " ' · .' ~- -' ,-' .t-r=-~• ' ·-'' " i ' ' .. • " 1 ~J - ·-.. ·, } ·-, ' '~" -.- ' - ·O • -; ; '.* )- • l I ' I • ' Amend­ ment • (b) in cla.use (ix), ot section ' ' 82. I ' (i) sub--cl.a~:se (fl) shall be om.itted• ,.r -_ J i • • ' I ' - . • \ .. - I • I ' J , (ii) in sub--olause (g), after the words ''financial institution'', the brackets and words " ( other than a barik-i~g··companv~ ':~:sh~ll be .i-nse.rted. • l ~, ' \ • ' • t - .; I • J. • l / · • I . , , f ' _, ~ • • .~ , , - 1--' ' I ' • .,. 19. In tlie principal Act_,. - • - • , • • .Amend-_ - F" C'.ra:h d ·1 h' I b ... .b . .. 1 ment of (a} the irst ~ e :u e s. al e renum ered•41S~the ,Second Schedu e the :Ll'irst an-d-· in that Schedule at so renumbered • • • ' • Schedule. • r I ~ , ' ' ';, (i) for the ~rackets, words and _flgu.r~ ·; ''(Se~J-~~~qp . 4)1'', the brac·kets, word-,., figure and le·tter ,i[See sect'io.n 4(b.).]'! . ·shall be substituted; .. ' ' (ii) in. the second column:, ag:ainst ·Item. No_ .. 2,;tfor. ~ the entry . ''(d) Development rehate/Developme:~~' ~llow~nce, !~!rve!', the ,entry . t i -_ - ,,·-,,a.·) Develo·p_ment rebat:e/lnves:tmen• .. !lJlow_ance/Oey-.elan.mJen·t. , r allow- \ · ,_ t .1. , ,1-6 •- , .,, L , _ • , . ,I I , , l .,. t:7,.J ~• •~' , :. ' 1 ance reserve.'~ shall be substitute.cl; . (b) befo;re that Schedule as S·O renumb~,~~. thq ic.>i~'Y!'llj,;,,; Sc~du}e shall be inserte·d, .namely: ... _ . • ) 1~ - ' ~ ,C, I • ?J -1 . . • · • 'THE FIRST SCHE·DUl~E • I: • Accounting y.ear ending . . . . . . . . .. Item No.. • ·p.articular.s •1 Net Profit .a.·s shown in the Pr?ftt ,..-~ • •· and Lms·s Acco'un.t after _ 3:1a-k1ng usual and necess,ary pro-v1s1t1ns. .2 Add back provision for: -. (a) Bonu.s to emplo.yees. ' I ' ' ' - j ' ' . . ' - • ., - I (. b) Depreciation. 1 \ I r • • ., ! f I • ' . ' - , .. ! ... • .II 1 ; J .- - . I ,, · ,.-, , j • . ' . • • • ' "· • • , _ . -I .. -~ ., ' ,.. -.. - • ' ' j ' t ., .o . -Se ... fo.o ·note ·(1) (a) Development R.eb-ate Reserv·e. ' . - ..., .: I , l • 11 ' --f • .,. " l • ,,• ... • S.ee foot- (d) Any othe.r reserves. Total of lte•m No. 2 Q _ A::. ·dd back also: ., ~. - (a) Bonus _paid to employce-s, .,_in respect 0f :p,revious accounting Years • • . • • .. .\ ' ' ' J i1 ~ i t • j I ,' t -J I ~ -,• ­ r • ' . 1 nQte· (1}" • - • 1 ' . ' ' ' - I· ; - - ' ·I ; ' ':. t • j • ' ' " . - ' I I i ; • ~ Ii .. •· ' . . See foot: > ' • :. . 1 : ,. • no~~ .( l )1 I ~ ', ~ - ' • ' • J • - - . - - ' • I J ' ' ' • Item .No·. Particul·ars II (b.) The. amount debited in r-es•: peet of gratuity paid o:r pay,~ able to employees· in ex·cess o·f ·the a:ggteg-ate· of- • ' - (i) the amount,. if' any., paid to, or ·provided fo-r payme.n:t t-o, an approved gratuity fuod; and (ii): • th.e _atno"Lltlt • ,act-ually paid to ·employ.ees on their re.... ~ tirement or on term111at.io·n ' ,l.,_. ' - • - of ·their employme:nt for ·any ' t ,_. f. reason. c • • ( c) Donations in excess ·o_f the -- - amount. a·dmissible for incom·e .. tax . - ~ (d) Capital exJ)enditure (other • t·han capital expenditure on scientific researc·h which is . allow&1d as a de.duction under t • • I ' ( ; ,-,1; • ·any law for the time being 1n, force re.iating to dire.ct taxes) and capital loss·es ( o·ther· than losses on sale of capital assets on which depreeiatio·n has· been allowe·d for i·ncome-t_ax). . II - (e) Any amount certified ·b·y the­ Reserve Bank of India .in terms of sul).;section (2) of: :section. . _ 3.4A of the Banking Reg.ulatioo • ' Aet1 1949. _ , , Cf) Losses· of, or expenditure :re­ lati·ng to, any bu:s.iness situat·ed . - outside Indi:a. . C • Total O:f Item No! 3 • I .. 4. Add also income, profit.s ·or· gains .(.if any) cr£=dited directly to pu'b­ lis.h,ed or disclose:d res·erves:, other th.ctn-· _ ti,)- capital receipts and ca;pital p:rofits (,including pr'oilts <>n ·the s;ale- of cacpital ass:eis t,1.1. , ..... ( .. , 11. . which depreciation has. not b·e~n allowed -.for iBcome-tax) ; profit$ of,. and receipts relat­ ing to, any busi1nes·s· s.ituated ou.tsi·de India; income of ,foreign banlcing companie.s from investments outside India. Net total of Item No. 4" - S, Total of· Item Nos. 1,, 2, 3 and 4, ' ? • Rs .. Rs. ' Rs., Rs. " • /, '" J I I •, I - ' - ' ' ' ' . ' • .. - • I ' ' • ·• I ~ ' ' t I I •• , -, I ' _, - t I L _r, 1 • • ~ ., I~ I I I !,, I ' ' Ill I ' ' J ' - ' ,- ' . • • ' ' ' ,. , , r •• 1 ,, ,See foot­ ,nate. (1.) I , • :f + -I If' I , - ' • . , ,, I I , , { I ',- ' ' .,. ' ' ' ' ,,i'J j I I I 10 of: 1949 • -' . • r 1-'1'. ~ ,. ', - ! ~ ' " ' '/ • I ' I j ~ 1 ii , • - I I \ ' . ~ '"' \ . ~ I I •• - C - . " ti I ., ; ,' ' , 'I ' ' I I 'I ' . " ' :: :-... _._:_ '' •· , ~- I \ j ' ' ' ' •• - ' ' • C -;. : ,, ,, , I ·1 " , I ' ' . . ,} , ' --, _, ,1 .. r .. , - t.•, , , ' ., -lj ,- j -;j ~;~ (> ,. ,. · . ... ~· ·,.; ~•i 1:1- >t ' ---~ ·-,, -;=~ 11 ., ' . , . ·,, , .. <;_ .. -. - ~f. -:, ... ' ' ' ,, f l ,­, ... ,. L, ".: , '! - ' ' . ,--- . . ,, ' - . • . ' - :I-. " • ,, - f'' ~ ~ •· • . ' ! . . ' ' ' ' c • 1-,, r. ' ,·- ' , ,_ ,,. ; I ' 1'0 ' ' ~i-·· ,. ' ' ' ,.. ' ,.,;:!' .. ..,.., " -·- ,_ ' ' ,. ' .. ----- ' S 'EC~ 1] .THE .GAZETTE OF INDIA EXTRAORDINARY Item No. 1 p·articu1ars " ' ,, .. ' ' ' ,, l ' • • • • • • (·a) Capital r.eceipt,s and c·apital .. • .. 1 • • ·prafits (-other than profits on : . ·the sale of as·se:ts on whie.h dep.reciation ·has ·been allowed ,. . . , for income-t-ax), • I I - l I • ( b) Profit:s of,, -and receipts relat­ ing to., any business situated 1 • • outsi-de. India. . ' • _, (,c) I,ncome ·of foreign h-a.nking I ■ . ,'1~. • -~·•r-· ... ·. ,comp.a.:n1e·s _· from invest01ents ·- • -• outside India, - .. I l _ . , (d). Ex.penditure or losses (if any) debited directly to published or disclosed res-erves, other fl . , • ' ' ·than .. •; " ' ,, ' I ' r I •. ·· ' • (i) • capital expenditure and . ' - ~ '- ~ • • ·~ { . '. ' 0 • • •• • : • capital losse·& ( oth·e.r than l" • · ·•1· ·- , ; • • • losses- on sale of capit·al assets on which ,depreciation • • • t· ~ has not been allowe.d for , , - i incoone-t.ax); < - ' -(ii)-· losses of any . busi·ness s:ituated ou.tside India. , . ' ' ; (e) ln the case· of foreign banking r, I .,.· I I 'l comp.anies propo.rtionate ad .. ministrativ·e. (overhe.ad) ·ex­ pense.s cf Head Office a.Uocable to:. Indian ·business. ,I 1 , , ' - - .,. ~ ~ • - " it " ·(f) Refund o.f any excess direct •• i<t ~J- • tax paid for· previous account-. • ~ ing years and excess _provi·- ,, • • f sion, if any, of pre·'Vioust ac­ counting years relating to b.onus, depreciation, or -deve­ lopment r.ebate, if writ.ten back. .. . 1: .. ...... 7 ' I ,, ,. r • , , I J~ ' I ' ' - (.g) C~s·h s:ubsidy, if any, gi,1en by the Government or by any body corporate established by any law fo.r the time being in • force •or by any other agency through budgetary grants, whether giv.en directly or • thro•ugh any agency _tox speci- fled purposes and the pro. ceeds af· w1hich ar:e reserved . for su:ch purpo.ses. Total of Item No·. 6., 'l. Gross Pr-ofits for p!urposes of bonus . (Item No:, 5 .minus - Item No. 6) Amoun·t of Amount. of St.lb-items • I • "t main 1 ems ,. I ' Rs. ' • ' ' ' I ; .I, •. . ) -, l - r :: • I Rs ,, Rs. • I • ' J • • • • ' • • '> I : , I f t ·•· ' ' ' • " ,. ' .} I '- " ' - • ' - . , , - ' I I "' . ' ,, ,, . • I • • ' ' ' ' ' ' " ' I ,r;: • • • • I ' ' ' ' ' ' .~ • I .. ' I - • .. .. _ f"4 - -· - - ' • - 32.3 .Ren1arks See foot-• note (2) ' ' ~ See toot-- no.te (2). See foot­ note (2) See foot-• note (3:) • See fo:ot~­ note (2) Sec foot­ note (2) ' • _ ....... -----~---------.--r-----------.....-------------------.. 1· ' . . ,. ~ , ...... ' ' ' ' ,, 'I • L i( ,. r ",' ' I ' " ' 1 _, ' !ii,,.c.~ ' ......... =....,... = Mnend­ ment of the ' ,.. f -J • j"'. !-.Etpla1iati~~~ ~~ :~~ . s·u.b~item 1(~) of Item 3, ••a~~,roved gra_t-uity fund'' has-' the sam.e meanin:g a:ssigned to 'it in cl-ause (5.) of sect1'u11 2 .of the Income-tax A·ct . ..- • Foot-note.s - .. (1) If~ and to t·he extent, ch:arged. to Profl:t and Loss· Acc·ou~t, ' ~ I . ~~ W" .._ ~. ill ' 1'N (2) U, .a,nd to the extent, ·credited· ·to [Profit an,d . Lo·ss· A~c~unt. , ' ' • J ,, - • t(' ;.... J,. : .; ' ' ' ,1, - ; , -:. : ,. "' ). , - I I . ~ < - ' } • ' i '!' f' • ; J ~ . (3) I_n th·e: - p-rop: ort1on o-f In- dian -Gro,ss Pro_ ·fit (Item No_, 7) t·o Tota1· w· -" ld • l l j • • -_ J - • - .. I , ' ' - • ' ~ • I J • ,, , j Ir.• 1 -, ' ~ :t ' ' v:r ·• ' • • ," Gr'Oss P·rofit (as per Consolidated ,Profit and Loss . A·ccount adjusted ·' as in .Item No . . 2 above on,ly-) ~ · -- '.. . _ , . - .20. In the principal Act, the Second Schedule shill ·be· 'reil.tibfieted as the • .. :Tb_jrd-:~Schedule and in that Schedule as sof*num&red, . .~ ·, • ~ •. ;; J S- d. --~-·- econ -. • , _ ,l J ll .- • • · , ~ , • ,J, - - j \ - • .. t .-.. ... - • ' .... - - .. 't ...... (a .. ) i·n column (2), against Ite·m No. 1, f~r the, word "~C9µ1pany''·, the l Sche-dale. words '"Company, other th.an a banking .compa.IW:': .... lsfiali be sub.stituted; • ; •• :. ,.,. (b) after Item No. 1 and the edtfies'tblathtg thereto,.•,:iht-~~ollowing item and entries shall be in.serted, namely·:- ·, 1 I- I - Banking company I I ,/ • .10 of 19·49 " ' ' ' l ' I 1 of 19'5-6 - . • ' ' .. "' j I ' . ' .. .. ,.,_ -- • •I ' ' ' " • ... ,. - ,I • ' -,, ', ' • • • .. •• • " ' ' ,, . l ·' • . , ' ' .. , ~ ( _., ' ' • j I I t - ; . ' ) 'J ' - <i ', .,,, . ~ ' ,{; I~?·:/ -- • ' - ' ' - l'"<t ''' .,;; - ' ~~- ' - THE GAZE441i,g, OF 1NDIA mt'l'fb "'Q.'DT'\.IN. _ ·. _; . _. _ _ • I -~~ .LW., ~Y- · .1 - • • • •I ' (2) I ' . ,~ • -., ' ·• I I J. ! .Ii I , , l • > , II" r l .,,. , ' ' I ' ' j ' J ' ' ' • • • - ' . j. ' • I ;.. ,; A ' ' " ~ ... I ' ~ • , "t ' - .. ' . "' • , - r . f I I , ' ' . • ' ., ' '. • • " • • • ,, . '" f ~'• .\ ' ~,. I • t- j 1' * '.!, i \ (3) • \ion to its total preference .share capital as its total workinii funds. in India bear to its total world working funds; (ii) , 7 .5 'P8r cent. of SUCb. amount as bears the same propor .. tion to :its " total paid UP equity share capital. as its tota1 wox-k.ing funds :ia India __ • bear to its total world ,crork- 1 i ) ./ : 1 ing fu. ·d •. . _ n .s, .:· (iii) 5 per cent. of such amount · ~. l - -~' •• • .. :. ·, -as bears the same. propor- tion to its total disclosed reserves as its total ·working funds in · India bear to its total world working fiands; ' ' ' .. - - - ' ,- .. ' . _ , . • • ('i • • ·; .. (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 elause Cb) .i • .of sub-section (2) of section 10 of 1949, . ~ ..,l l ·,,- " ,- I ' - ,,. . - ~" ~ . l' ·. 11 of the Ba.nkin_g Regula- ,~-:·" - tion At:t1 1949,. ~ot ~ce.e.di'ng " • . •~-_ . the a,niount req11ired undeT the aforesaid provision to be ·,· · .. _ -.. , so deposited.';; .. •• (c) in the Explanation, for the figures:, brackets and word '"1 (iii) and 3 (ii)'', the figu.res, brackets_ and word ''1 (iii), 2(iil ) ar;d 3·(ii) 1' ; ,shall be _ . substitnted. ' • • ·• - • r:. ~ · . ~'-; :: . ' ' • • - 21,. For· the '111.ird Schedule to the principal Act~~ the following Schedule shall be substituted, namely:- __ _ , - '~1'HR FOURTH. SCHBPULB (See sections 11, l.S and 16) • _ ,_ In. this. Schedule,. th~ total amount _of, ·bonus equal to s~33 per cent~ of the -annnal sal·ary or wage payable to all the employees ·js assumed to be Rs_ 1,04·,167. Accordingly, the 1mxim.u:m bonus to which .all th_e employees are entitled to be. paid (twenty per cent. of the annual salary or wage of all th~ employees) would be Rs. 2,so,0.004-_- . .. _ P ' " ' l • . .. ,. . - - ' ·YcaT •• Amount equal. to six.ty per cent& r r '" t ,. ·or· sixty-seven per cent., .as the case may be, ()f available surplus alloca• ble as bonus I • • . ' ' - , & .. I ,04,167 i:';~~ - '. ~ '·6,35;-000 ·· ' . :-: .. ~ .. - . ' ~ - Amount payable as bonw; (g)' Rs. • 1,1, ·• • • ' '" " - . Set on or· set oft or the ·cc1 yea1' carr1 forwartl (4). Rs. Nil Total set on or set off carried forward (5) Rs. Nil of (yeat) ..,_ _ 1- --- ,·. -S·et on .. ,," •'•' : ·~-- ''. e ' Set Oil ' •': - ~ -' ; ~ " • -1,50_,.ooo•·· • ~ . t ,50,.000 • - • ._ (a) • ---•IISF Z _._ . ~ ...... -----------------• --------- ,I , ' ' Substitu­ tion of new ·Schedule .for the 'third_ Schedule. r - ' '" s 4 • ; -,. ' -- . 5 6 . . " • . 7·· j ' - .. • I" • ' .. ' , 8 9 IO .,. .._ ''l" ! , l .- , , .., f ' • • I ( • - • . , ~ J -. -r ·• • i ;, ' ' ' .,,. t .r ~, ,. ,, ' ... ~ , •. ' I " • • . ' r 1• ' , • ' . . \ ' - D .. , ,-l',D1 - ' I 3,75,000· . , . r · ·: ,1,~0-,00.0 . ,, • ' •.1t" • It l -"· I ' ' 1 . ' •• • • •, r ,l ' - r :1 "r ; I •' I ' ' • • • • '· ' "1 , • _,,, j 1' . ' • t -,. ·_' ... t 1. " • ' ~ 7 '1' ' ' - ' ,, ' I ,._ ,. • . I _J ~ I ' ' 1 "I -' • t f I ' ' • ' .. ' ' 2,15,000 ' - . I 2,50,000* (inclusive of .. . 30,000 from : ·year~2) . 2,50,000* 2,50,000• (inclusive of I :, 10,000 from year-2) .2,50,0.00* 2,50,,000* (inclusive of 1,25,000 from ·year-4 and 25,000 from year-6:) \ • x,04,167** (inclusive of 35,000 from year-6) ; ) I • • ' ' 1 r ' • • ' ' fl 1,-C ' •- , , ' ,~ ~ -·• (' - ,_ - -~ , ' ' ..... .. -... . ,, ··r - i l r - ir- •.- ~ ... -- ,. ~- ' & -., • It' ~ 11') : ",f ' - • • • • I - ., ' ' .. • -- I ' .•. -· -· Rs. Nil Set on I ,25,000 Nil Set on 60,000 Nil Set off 69;167 Set off ; .. , _.,,. ~ 1) _.1 Nil • . , I I 1"' " - . - r ) - !" ' - - -- . ' ' .; ~ ' r--r - 'i' ,. ' . ' ' \ ' ,- . - (5) Rs. of (year) • Set on 2,2.0,000 Set on 2,20,000 I ,2:5~000 Set on 1,10,000 1,25,000 Set on Nilt 1·.,25,000 60,000 Set· on ·fl.5· -000 J ' • Se.t off 69,167 .:, I... ;:.l -' ·' 1'-t . J -. ;J' .J ~ . ' ' ' I " I ·• ~. . ' - "i .. ' ' I' , , • (2) (4) (6) (6) (8) ' (8) (g) (9) • - ,,. j -- ,( - ' I ' •• W-, 0 N. SANJIVA REDDY - - • - , • " ;, I,- - ' ' ,,. - " - \ F I ' ' . ' ' ," - .,. ~ - ' I . . , ' , rt • ,. - _., . ' 1· i • ,, •• t " ' • • . r, - 1 • 'I • ' ' T ::: - . . ' ' ( . ' . • ' , r .. ' ,, . ' • /'' , ·' ~r - , r " .. -t_' ,_;, ,· ._ . : ~ '.; a! 3 ;'!- -.. ,·. '-. • ,.,··.;,, r, _f . - ., 1 ,- j ~ ~i t,:=.;:• ·-, .. :i" ' • ' ., '