Repeal and saving. – (1) The Payment of Bonus Ordinance, 1965 (3 of 1965), is hereby repealed. — ACT 21 OF 1965

Repeal and saving. – (1) The Payment of Bonus Ordinance, 1965 (3 of 1965), is hereby repealed.

40. Repeal and saving. – (1) The Payment of Bonus Ordinance, 1965 (3 of 1965), is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under this Act as if this Act had commenced on the 29 th May, 1965. [THE FIRST SCHEDULE [See section 4(a)] COMPUTATION OF GROSS PROFITS Accounting year ending…………….. Explanation- In sub-item (b) of item 3, 'approved gratuity fund' has the same meaning assigned to it in clause (5) of section 2 of the Income-Tax Act . Foot-Note: (1) If, and to the extent charged to Profit and Loss Account. (2) If, and to the extend, credited to Profit and Loss Account. (3) In the proportion of India Gross Profit (Item No.7) to Total World Gross Profit (as per Consolidated Profit and Loss Account adjusted as in Item No. 2 above Only).

Section 40