33. The available surplus in respect of any accounting year shall be the gross profits

for that year after deducting therefrom the sums referred to in section 34:

Provided that the available surplus in respect of the accounting year commencing on

any day in a year after the commencement of this Code and in respect of every subsequent

accounting year shall be the aggregate of—

(a) the gross profits for that accounting year after deducting therefrom the

sums referred to in section 34; and

(b) an amount equal to the difference between––

(i) the direct tax, calculated in accordance with the provisions of

section 35, in respect of an amount equal to the gross profits of the employer for

the immediately preceding accounting year; and

(ii) the direct tax, calculated in accordance with provisions of section 35,

in respect of an amount equal to the gross profits of the employer for such

preceding accounting year after deducting therefrom the amount of bonus

which the employer has paid or is liable to pay to his employees in accordance

with the provisions of this Code for that year.