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THE THIRD SCHEDULE

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1[THE THIRD SCHEDULE]

(SEE SECTION 6(D))

 

ITEM NO.

CATEGORY OF EMPLOYER

FURTHER SUMS TO BE DEDUCTED

(1)

(2)

(3)

1.

2[COMPANY, OTHER THAN A BANKING COMPANY]

(I)

THE DIVIDENDS PAYABLE ON ITS PREFERENCE SHARE CAPITAL FOR THE ACCOUNTING YEAR CALCULATED AT THE ACTUAL RATE AT WHICH SUCH DIVIDENDS ARE PAYABLE;

(II)

8.5 PER CENT. OF ITS PAID UP EQUITY SHARE CAPITAL AS AT THE COMMENCEMENT OF THE ACCOUNTING YEAR;

(III)

6 PER CENT. OF ITS RESERVES SHOWN IN ITS BALANCE-SHEET AS AT THE COMMENCEMENT OF THE ACCOUNTING YEAR, INCLUDING ANY PROFITS CARRIED FORWARD FROM THE PREVIOUS ACCOUNTING YEAR:

PROVIDED THAT WHERE THE EMPLOYER IS A FOREIGN COMPANY WITHIN THE MEANING OF SECTION 591 OF THE COMPANIES ACT, 1956 (1 OF 1956), THE TOTAL AMOUNT TO BE DEDUCTED UNDER THIS ITEM SHALL BE 8.5 PERCENT. ON THE AGGREGATE OF THE VALUE OF THE NET FIXED ASSETS AND THE CURRENT ASSETS OF THE COMPANY IN INDIA AFTER DEDUCTING THE AMOUNT OF ITS CURRENT LIABILITIES (OTHER THAN ANY AMOUNT SHOWN AS PAYABLE BY THE COMPANY TO ITS HEAD OFFICE WHETHER TOWARDS ANY ADVANCE MADE BY THE HEAD OFFICE OR OTHERWISE OR ANY INTEREST PAID BY THE COMPANY TO ITS HEAD OFFICE) IN INDIA.

3[2.

BANKING COMPANY . . . . . . . . . . .

(I)

THE DIVIDENDS PAYABLE ON ITS PREFERENCE SHARE CAPITAL FOR THE ACCOUNTING YEAR CALCULATED AT THE RATE AT WHICH SUCH DIVIDENDS ARE PAYABLE;

(II)

7.5 PER CENT. OF ITS PAID UP EQUITY SHARE CAPITAL AS AT THE COMMENCEMENT OF THE ACCOUNTING YEAR

(III)

5 PER CENT. OF ITS RESERVES SHOWN IN ITS BALANCE-SHEET AS AT THE COMMENCEMENT OF THE ACCOUNTING YEAR, INCLUDING ANY PROFITS CARRIED FORWARD FROM THE PREVIOUS ACCOUNTING YEAR;

(IV)

ANY SUM WHICH IN RESPECT OF THE ACCOUNTING YEAR, IS TRANSFERRED BY IT-

(A)

TO A RESERVE FUND UNDER SUB-SECTION (1) OF SECTION 17 OF THE BANKING REGULATION ACT, 1949 (10 OF 1949); OR

(B)

TO ANY RESERVES IN INDIA IN PURSUANCE OF ANY DIRECTION OR ADVICE GIVEN BY THE RESERVE BANK OF INDIA,

WHICHEVER IS HIGHER :

(CONTD.)

1.            THE SECOND SCHEDULE RENUMBERED AS THE THIRD SCHEDULE BY ACT NO.66 OF 1980, S 20 (W.E.F. 12-8-1980).

2.            SUBS. BY S. 20, BID., FOR "COMPANY" (W.E.F. 21-8-1980).

3.            INS. BY ACT NO. 66 OF 1980, S.20 (W.E.F. 21-8-1980).

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