Allocable Surplus - Definition - Law Dictionary Home Dictionary Definition allocable-surplus

Definition :

Allocable surplus, means-(a) in relation to an employer, being a company other than a banking company which has not made the arrangements prescribed under the Income-tax Act for the declaration and payment within India of the dividends payable out of its profits in accordance with the provisions of s. 194 of that Act, sixty-seven per cent of the available surplus in an accounting year. (b) In any other case, sixty per cent of such available surplus. [Payment of Bonus Act, 1965 (21 of 1965), s. 2 (4)]