Rule 24: Computation of gross profits for banking company

Rule 24 — Governs computation of gross profits for banking company and the rights, duties, powers or procedure expressly stated in this rule. Key operative text: The gross proﬁts derived by an employer from an establishment in respect of the accounting year shall in the case of banking company under clause (a) of section 32, be calculated in the manner specified in Appendix B.

Full notified rule textG.S.R. 343(E), 8 May 2026Source checked: 20 August 2026

Rule status

Code on Wages (Central) Rules, 2026 were finally notified under G.S.R. 343(E), 8 May 2026. The Central Rules must be read with the Code and any later amendment/corrigendum.

Official Gazette

Open the notified Rules ↗

Finin2min analysis — operative rule mechanics

Operative clauses

The gross proﬁts derived by an employer from an establishment in respect of the accounting year shall in the case of banking company under clause (a) of section 32, be calculated in the manner specified in Appendix B.

Provisos / explanations

No proviso/explanation was separately extracted from this rule.

Thresholds & timelines

Computation of gross proﬁts for banking company:–– The gross proﬁts derived by an employer from an establishment in respect of the accounting year shall in the case of banking company under clause (a) of section 32, be calculated in the manner specified in Appendix B.

Mapped Code sections

Section 32

Full notified text — Rule 24

English rule text transcribed from the final official 2026 Gazette PDF; layout is normalised for web reading. The Gazette controls.

24. Computation of gross proﬁts for banking company:–– The gross proﬁts derived by an
 employer from an establishment in respect of the accounting year shall in the case of banking company
 under clause (a) of section 32, be calculated in the manner specified in Appendix B.

Application and evidence

Primary statutory test — The gross proﬁts derived by an employer from an establishment in respect of the accounting year shall in the case of banking company under clause (a) of section 32, be calculated in the manner specified in Appendix B.
Numerical or timing control — Computation of gross proﬁts for banking company:–– The gross proﬁts derived by an employer from an establishment in respect of the accounting year shall in the case of banking company under clause (a) of section 32, be calculated in the manner specified in Appendix B.
Code Section mapping — 32. Read the mapped provision together with this text rather than treating the concordance as a substitute for it.
Evidence file — retain facts and records proving the role/status of: Employer.

Cross-references & prescribed forms

Sections cited/mapped

Section 32

Forms

No form is directly mapped in the current rule register.

Worked example

An employer configuring payroll for computation of gross profits for banking company should first identify the employee and wage period, then apply the exact provision and any linked rule. The system rule should be tested against a sample payslip and bank/payment record. A text point to test is: “Computation of gross proﬁts for banking company:–– The gross proﬁts derived by an employer from an establishment in respect of the accounting year shall in the case of banking company under clause (a) of section 32, be calculated in the manner specified in Appendix B.” Reconcile the mapped Code Section(s) 32.

Illustrative only. Use the exact notified rule, prescribed form and competent authority.

Q&A — Rule 24

What is Rule 24 of the Code on Wages (Central) Rules, 2026?

What does Rule 24 require or permit?

A principal operative clause extracted from the notified rule is: “The gross proﬁts derived by an employer from an establishment in respect of the accounting year shall in the case of banking company under clause (a) of section 32, be calculated in the manner specified in Appendix B.” Read it with all sub-rules and provisos below.

Does Rule 24 contain a proviso or explanation?

No standalone proviso or explanation was extracted from this rule text. Check the complete rule below for clause-level conditions.

What deadline, period, percentage or amount appears in Rule 24?

The rule contains this numerical/time expression: “Computation of gross proﬁts for banking company:–– The gross proﬁts derived by an employer from an establishment in respect of the accounting year shall in the case of banking company under clause (a) of section 32, be calculated in the manner specified in Appendix B.” Apply it only in its notified context.

Which Code sections are linked to Rule 24?

The current concordance maps Rule 24 to Section(s) 32.

When did Rule 24 come into force?

The final Central Rules were notified as G.S.R. 343(E), 8 May 2026; Rule 1 states that the Rules come into force on publication. Check any later amendment or corrigendum before reliance.

Primary sources

Code on Wages (Central) Rules, 2026 — official Gazette PDF ↗

Code on Wages, 2019 — India Code ↗

Source check: 20 August 2026.

Jurisdiction note: This is the Central Rule corpus. Check State rules/notifications where the State Government is the appropriate Government and check later Gazette amendments before acting.