Section 33
Computation of available surplus.
About this Act
An Act to amend and consolidate the laws relating to wages and bonus and matters connected therewith or incidental thereto.
The available surplus in respect of any accounting year
shall be the gross profits for that year after deducting there from 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 there from 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 there from 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.
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 there from 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 there from 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.