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Section 34 - Code on Wages, 2019
The Code on Wages, 2019
34. Sums deductible from gross profits.-
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.
Related Sections
- Section 61: Effect of laws agreements, etc., inconsistent with this Code
- Section 39: Time limit for payment of bonus
- Section 48: Audit of account of employers not being corporations or companies
- Section 54: Penalties for offences
- Section 51: Appointment of Inspector-cum-Facilitators and their powers
Related Acts
* Only for reference.