Section 26 - Amendment of the Second Schedule - Payment Of Bonus (Amendment) Act, 1976

26. Amendment of the Second Schedule. In the Second Schedule to the principal Act, (a) for the heading THE SECOND SCHEDULE , the heading THE FIRST SCHEDULE shall be substituted; (b) for the sub-heading [See section 4(b)] , the sub-heading (See section 4) shall be substituted; (c) in Item 3, after sub-item (a), the following sub-item shall be inserted, namely :- (aa) 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 (ii) the amount actually paid to employees on their retirement or on termination of their employment for any reason. ; (d) in Item 6, for sub-item (g), the following sub-item shall be substituted, namely :- (g) Cash subsidy, if any, given by the Government or by any body corporate established by any law for the time being in force 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. ; (e) before the Foot-notes, the following Explanation shall be inserted, namely: - Explanation .- In sub-item (aa) of Item 3, approved gratuity fund has the same meaning assigned to it in clause (5) of section 2 of the Income-tax Act. .