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of <h1>Deductions from Gross Profits: Depreciation, Direct Taxes, and Government-Prescribed Sums Under Clause 34, Code on Wages 2019.</h1> Sums deductible from gross profits under Clause 34 of the Code on Wages, 2019 include: (a) depreciation amounts permissible under section 32 of the Income-tax Act or applicable agricultural income-tax laws; (b) direct taxes the employer must pay for the accounting year concerning income, profits, and gains, subject to section 35; and (c) additional sums as prescribed by the Central Government. These deductions are considered prior charges against gross profits.
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