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Section 2 of Payment of Bonus Act, 1965

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Available Surplus

'Available Surplus' is the residue after all prior charges are deducted from gross profits. The prior charges include depreciation, income tax and other taxes, return on reserve and surplus, return at the actual rate payable on the preference share capital etc. Bonus is payable from Available Surplus.

(2) "agricultural income" shall have the same meaning as in the Income-tax Act;

(3) "agricultural income-tax" means any law for the time being in force relating to the levy of tax on agricultural income;

(12) "direct tax" means--

(a) any tax chargeable under--

(i) the Income-tax Act;

(ii) the Super Profits Tax Act, 1963 (14 of 1963);

(iii) the Companies (Profits) Surtax Act, 1964 (7 of 1964);

(iv) the agricultural income-tax law; and

(b) any other tax which, having regard to its nature or incidence, may be declared by the Central Government, by notification in the Official Gazette, to be a direct tax for the purposes of this Act;

(6): 'Available Surplus' means the available surplus computed under Section 5.

(19) "Income-tax Act" means the Income-tax Act, 1961 (43 of 1961);

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