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Home CALCULATION OF ALLOCABLE SURPLUS

 

 

COMPUTATION OF ALLOCABLE SURPLUS

 

 

 

Calculation of allocable surplus related to bonus of employees guidelines

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COMPUTATION OF ALLOCABLE SURPLUS

Item Particulars Amount of Amount of

No. sub-items main items

 

1. Net profit as shown in the Profit and Loss Account

after making usual and necessary provisions. xxxxxx

 

2. Add back provision for:

(a) Bonus to employees. xxx

(b) Depreciation. xxx

(c) Development rebate reserve. xxx

(d) Any other reserves charged to P&L account

(i) Reserve for Bad & Doubtful Debt xxx

(ii) Reserve for Standard Assets xxx

(iii) Reserve for Objected Items xxx

(iv) Reserve for Leave Salary xxx

(v) Capital Reserve xxx

(vi) Provision for net debit balance in IBR xxx

(vii) Reserve for Special Bad Debt Reserve xxx

(viii) Reserve for Overdue Interest(incremental) xxx

(ix) Reserve for Pay Revision Arrears xxx

(x) Provision for Fringe Benefit Tax xxx

(xi) Provision for interest deffered on MT

conversion Loan xxx

(xii) Reserve for Depreciation xxx

(xiii) Other reserves xxx

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Total of Item No. 2 Rs. xxxx

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3. Add back also:

(a) Bonus paid to employees in respect of previous

accounting years. xxx

(b) The amount debited in respect of gratuity paid or

payable to employees in excess of the aggregate of-

(i) the amount, if any, paid to, or provided for

payment to, an approved gratuity fund; and xxx

(ii) the amount actually paid to employees on their

Employment or on termination of their

employment for any reason. xxx

(c) Donations in excess of the amount admissible

for income-tax xxx

(d) Capital expenditure (other than capital expenditure

on scientific research which is allowed as a dedu-

ction under any law for the time being in force

relating to direct taxes) and capital losses (other

than losses on sale of capital assets on which

depreciation has been allowed for income-tax). xxx

(e) Any amount certified by the Reserve Bank of

India in terms of sub-section (2) of section 34-A

of the Banking Regulation Act,1949 (10 of 1949) xxx

(f) Losses of, or expenditure relating to, any business

situated outside India, if permitted. xxx

------

Total of Item No. 3 Rs. xxxx

------

4. Add also income, profits or gains (if any) credited

directly to published or disclosed reserves, other xxx

than-

(i) capital receipts and capital profits (including

profits on the sale of capital assets on which

depreciation has not been allowed for income

tax);

(ii) profits of, and receipts relating to, any business

situated outside India;if permitted

(iii) income of foreign banking companies from

investments outside India, if permitted.

------

Net total of Item No. 4 Rs. xxx

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5. Total of Item Nos. 1,2,3 and 4 Rs. xxxxx

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  1. Deduct:

(a) Capital receipts and capital profits (other than

profits on the sale of assets on which depreciation

has been allowed for income-tax). xxx

(b) Profits of, and receipts relating to, any business

situated outside India, if permitted. xxx

(c) Income of foreign banking companies from

investments outside India, if permitted. xxx

(d) Expenditure or losses (if any) debited directly to

published or disclosed reserves, other than- xxx

(i) capital expenditure and capital losses (other

than losses on sale of capital assets on which

depreciation has not been allowed for income

tax);

(ii) losses of any business situated outside

India,

(e) In the case of foreign banking companies

Proportionate administrative (overhead) expenses

of Head Office allocable to Indian business. xxx

(f) Refund of any excess direct tax paid for previous

accounting years and excess provision, if any, of

previous accounting years, relating to bonus,

depreciation, or development rebate, if written

back xxx

(g) Cash subsidy, if any, given by the Government

or by any body corporate established by any law

for the time being in forece or by any other agency

through budgetary grants, whether given directly or

through any agency for specified purposes and the

proceeds of which are reserved for such purposes. xxx

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Total of Item No.6. Rs. xxxx

  1. Gross profits for purposes of bonus (Item No. 5 minus xxxxx

Item No. 6)

Deduct

8. 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, as the case may be; xxx

 

9. Development rebate or Development allowance as per

section 6(b) of Payment of Bonus Act xxx

 

10. Direct Taxes which the institution is liable to pay for

The accounting year xxx

 

11. Further sums as are specified under Third Schedule

to the Act:-

(i) 8.5 per cent of the capital invested by such

society in its establishment as evidenced from

its books of accounts at the commencement of

the accounting year; xxx

(ii) Such sum as has been carried forward in

respect of the accounting year to a reserve

fund under any law relating to co-operative

societies for the time being in force:-

(a) Reserve Fund xxx

(b) Agricultural Credit Stabilization Fund xxx

(c) Education Fund xxx

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12. Total of Item Nos. 8,9,10 and 11 xxxx

 

13. Available Surplus for the accounting year xxxx

(Item No. 7 minus Item No.12)

 

14. Amount of allocable Surplus xxxx

(60% of Item No. 13(available surplus) )

 

 

 

Sd/-

 

JOINT REGISTRAR (SC/ST)

 

 

 

 

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