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Section 34, Code on Wages 2019: Sums Deductible from Gross Profits

Section 34 (Sums deductible from gross profits) under Chapter IV (Payment of Bonus) of the Code on Wages, 2019.—

❝The following sums shall be deducted from the gross profits as prior charges, namely:—

 (a) any amount by way of depreciation admissible in accordance with the provisions of sub-section (1) of section 32 of the Income-tax Act or in accordance with the provisions of the agricultural income-tax law, for the time being in force, as the case may be;

 (b) subject to the provisions of section 35, any direct tax which the employer is liable to pay for the accounting year in respect of his income, profits and gains during that year;

 (c) such further sums in respect of the employer as may be prescribed by the Central Government.❞



(1) The Code on Wages, 2019, an Act of Parliament received the assent of the President on the 8th August, 2019, and was published 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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