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Section 32 of the Code on Wages, 2019: Computation of Gross Profits

Section 32 (Computation of gross profits) under Chapter IV (Payment of Bonus) of the Code on Wages, 2019.—

❝The gross profits derived by an employer from an establishment in respect of the accounting year shall,––

 (a) in the case of a banking company, be calculated in the manner as may be prescribed by the Central Government;

 (b) in any other case, be calculated in the manner as may be prescribed by the Central Government.❞



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Notes:

(1) The Code on Wages, 2019, an Act of Parliament received the assent of the President on the 8th August, 2019, and was published for general information in the Gazette of India (Extraordinary, Part II - Section 1) by the Ministry of Law and Justice (Legislative Department) on 8th August, 2019.

(2) The Act extends to the whole of India.

(3) Effective Date: The Act shall come into force on such date as the Central Government may, by notification in the Official Gazette appoint; and different dates may be appointed for different provisions of this Code and any reference in any such provision to the commencement of this Code shall be construed as a reference to the coming into force of that provision.



This page was created/ last updated on 8th August, 2019.

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