law: Payment of Bonus Act, 1965 
  6. Sums deductible from gross profits 
  The following sums shall be deducted from the gross profits as
  
  prior charges, namely:- 
  (a) any amount by way of depreciation admissible in accordance
  
  with the provisions of the sub-section (1) of section 32 of the Income Tax Act
  
  or in accordance with the provisions of the agricultural income tax law, as the
  
  case may be:
  PROVIDED  that where an employer has been paying bonus
  
  to his employees under a settlement or an award or agreement made before the
  
  29th May, 1965, and subsisting on that date after deducting from the gross
  
  profits notional normal depreciation, then, the amount of depreciation to be
  
  deducted under this clause shall, at the option of such employer (such option to
  
  be exercised once and within one year from date) continue to be such notional
  
  normal depreciation;
  (b) any amount by way of 10[development rebate or
  
  investment allowance or development allowance] which the employer is entitled
  
  to deduct from his income under the Income Tax Act;
  (c) subject to the provisions of section 7, any direct tax which
  
  the employer is liable to pay for the accounting year in respect of his income,
  
  profits and gains during that year;
  (d) such further sums as are specified in respect of the
  
  employer in the 11[Third Schedule.]