Inclusion of banking companies expands coverage under the payment of bonus law; Industrial Reconstruction Corporation also newly included. The amendment to section 32 substitutes clause (vii) to include employees employed by a banking company, inserts a new sub-clause under clause (ix) to include the Industrial Reconstruction Corporation of India, removes the parenthetical exclusion of banking companies from an existing sub-clause in clause (ix), and omits clause (x) entirely, thereby reducing exclusions and broadening coverage under the Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Inclusion of banking companies expands coverage under the payment of bonus law; Industrial Reconstruction Corporation also newly included.
The amendment to section 32 substitutes clause (vii) to include employees employed by a banking company, inserts a new sub-clause under clause (ix) to include the Industrial Reconstruction Corporation of India, removes the parenthetical exclusion of banking companies from an existing sub-clause in clause (ix), and omits clause (x) entirely, thereby reducing exclusions and broadening coverage under the Act.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
