40. (1) If in any accounting year an establishment in public sector sells any goods produced or manufactured by it or renders any services, in competition with an establishment in private sector, and the income from such sale or services or both, is not less than twenty per cent. of the gross income of the establishment in public sector for that year, then, the provisions of this Chapter shall apply in relation to such establishment in public sector as they apply in relation to a like establishment in private sector.
(2) Save as otherwise provided in sub-section (1), nothing in this Chapter shall apply to the employees employed by any establishment in public sector.
41. (1) Nothing in this Chapter shall apply to- -
(a) employees employed by the Life Insurance Corporation of India;
(b) seamen as defined in clause (42) of section 3 of the Merchant Shipping Act, 1958;
(c) employees registered or listed under any scheme made under the Dock Workers (Regulation of Employment) Act, 1948, and employed by registered or listed employers;
(d) employees employed by an establishment under the authority of any department of the Central Government or a State Government or a local authority;
(e) employees employed by- -
(i) the Indian Red Cross Society or any other institution of a like nature including its branches;
(ii) universities and other educational institutions;
(iii) institutions including hospitals, chamber of commerce and social welfare institutions established not for purposes of profit;
(f) employees employed by the Reserve Bank of India;
(g) employees employed by public sector financial institution other than a banking company, which the Central Government may, by notification, specify, having regard to-
(i) its capital structure;
(ii) its objectives and the nature of its activities;
(iii) the nature and extent of financial assistance or any concession given to it by the Government; and
(iv) any other relevant factor;
(h) employees employed by inland water transport establishments operating on routes passing through any other country; and
(i) employees of any other establishment which the appropriate Government may, by notification, exempt having regard to the overall benefits under any other scheme of profit sharing available in such establishments to the employees.
(2) Subject to the provisions of sub-section (1) and notwithstanding anything contained in any other provisions of this Chapter, the provisions of this Chapter shall apply to such establishment in which twenty or more persons are employed or were employed on any day during an accounting year.
Section 31 Payment of bonus out of allocable surplus Section 32 Computation of gross profits
Section 33 Computation of available surplus Section 34 Sums deductible from gross profits
Section 35 Calculation of direct tax payable by employer
Section 36 Set on and set off of allocable surplus
Section 39 Time limit for payment of bonus
Section 42 Central Advisory Board and State Advisory Boards
Section 43 Responsibility for payment of various dues
Section 44 Payment of various un disbursed dues in case of death of employee