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Section 33 of Code on Wages, 2019: Computation of Available Surplus

Section 33 (Computation of available surplus) under Chapter IV (Payment of Bonus) of the Code on Wages, 2019.—

❝The available surplus in respect of any accounting year shall be the gross profits for that year after deducting therefrom the sums referred to in section 34:

 Provided that the available surplus in respect of the accounting year commencing on any day in a year after the commencement of this Code and in respect of every subsequent accounting year shall be the aggregate of—

 (a) the gross profits for that accounting year after deducting therefrom the sums referred to in section 34; and

 (b) an amount equal to the difference between––
    (i) the direct tax, calculated in accordance with the provisions of section 35, in respect of an amount equal to the gross profits of the employer for the immediately preceding accounting year; and
    (ii) the direct tax, calculated in accordance with provisions of section 35, in respect of an amount equal to the gross profits of the employer for such preceding accounting year after deducting therefrom the amount of bonus which the employer has paid or is liable to pay to his employees in accordance with the provisions of this Code for that year.❞



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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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