Ins. by Act 23 of 1976, sec. 4 (w.r.e.f. 25.9.1975) — ACT 21 OF 1965

2 Ins. by Act 23 of 1976, sec. 4 (w.r.e.f. 25.9.1975) (iv) the agricultural income-tax law; and (b) any other tax which, having regard to its nature or incidence, may by declared by the Central Government, by notification in the Official Gazette, to be a direct tax for the purposes of this Act; "employee" means any person (other than an apprentice) employed on a “employer includes- (i) in relation to an establishment which is a factory, the owner or occupier of the factory, including the agent of such owner or occupier, the legal representative of a deceased owner or occupier and where a person has been named as a manager of the factory under clause (f) of subsection (1) of section 7 of the Factories Act, 1948 (63 of 1948), the person so named; and (ii) in relation to any other establishment, the person who, or the authority which, has the ultimate control over the affairs of the establishment and where the said affairs are entrusted to a manager, managing director or managing agent, such manager, managing director or managing agent; "establishment in private sector" means any establishment other than an establishment in public sector; "establishment in public sector" means an establishment owned, controlled or managed by- (a) a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956); (b) a corporation in which not less than forty per cent of its capital is held (whether singly or taken together) by- (i) the Government; or (ii) the Reserve Bank of India; or (iii) a corporation owned by the Government or the Reserve Bank of India; "factory" shall have the same meaning as in clause (m) of section 2 of the Factories Act, 1948 (63 of 1948); “gross profits” means the gross profits calculated under section 4; “Income-tax Act” means the Income-tax Act, 1961 (43 of 1961); “prescribed” means prescribed by rules made under this Act; "salary or wage" means all remuneration (other than remuneration in respect of over-time work) capable of being expressed in terms of money, which would, if the terms of employment, express or implied, were fulfilled, be payable to an employee in respect of his employment or of work done in such employment and includes dearness allowance (that is to say, all cash payments, by whatever name called, paid to an employee on account of a rise in the cost of living), but does not include-

Section 2